What is the amount of income tax expense for fgcc company

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Reference no: EM132838381

The FGCC Company had an enacted income tax rate of 28 percent. The company ended Year One with a deferred income tax liability of $40,000, a deferred income tax asset of $50,000 and a valuation allowance of $19,000. The enacted tax rate was raised at the start of Year Two to 30 percent. The company ended Year Two with a deferred income tax liability of $70,000, a deferred income tax asset of $40,000, and a valuation allowance of $24,000.

Problem 1: On the company's Year Two income statement, what is the amount of income tax expense (deferred) that is reported?

Reference no: EM132838381

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