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What is phyllis total income tax expense reported

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Problem 1: Phyllis, Inc., earns book net income before tax of $600,000. Phyllis puts into service a depreciable asset this year, and its first-year tax depreciation exceeds book depreciation by $120,000. Phyllis has recorded no other temporary or permanent book-tax differences. Assuming that the U.S. tax rate is 21%, what is Phyllis's total income tax expense reported on its GAAP financial statements?

a. $100,800
b. $126,000
c. $151,200
d. $25,200

Reference no: EM132793363

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