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What is the amount of deferred tax expense

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Reference no: EM132789155

Question - The following facts relate to Sydney Company for the year 2014:

Deferred tax liability, January 1, 2014P 400,000

Deferred tax asset, January 1, 2014 0

Taxable income for 2014 1,600,000

Pretax financial income 1,750,000

Cumulative temporary difference at 12/31/14 giving rise to future taxable amount 2,400,000

Cumulative temporary difference at 12/31/14 giving rise to future deductible amount350,000

Income tax rate for all years 32%

Required - What is the amount of deferred tax expense (net) for 2014?

Reference no: EM132789155

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