What is reported as current income tax expense

Reference no: EM133609392

Question: An entity reports net income before income taxes this year of $300,000. The enacted tax rate is 30%. The entity has reported a $40,000 gain on an installment sale that will not be taxed for two years. The entity has also reported $50,000 in interest revenue from State of Maine bonds. On the entity's income statement, what is reported as current income tax expense?

Reference no: EM133609392

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