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What amount will be reported as net income

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Question - On December 31, 2021 Celery Corporation provided the following information:

Income before Income Taxes $1,440,000

Taxable income $969,000

Deferred income tax expenses:

Deferred income tax expense 8,000

Deferred income tax (recovery) 10,400

Tax rate 28%

Required - What amount will be reported as net income (after tax) on the income statement?

Reference no: EM133162736

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