In 2017, hd had reported a deferred tax asset of $126 million with no valuation allowance. at december 31, 2018, the account balances of hd services showed a deferred tax asset of $165 million before assessing the need for a valuation allowance and income taxes payable of $98 million. hd determined that it was more likely than not that 30% of the deferred tax asset ultimately would not be realized. hd made no estimated tax payments during 2018. what amount should hd report as income tax expense in its 2018 income statement? (round your calculations to the nearest whole million.)

108.5 million

Explanation: As we know that :-

Total income tax expense in 2018= reduction in deferred tax asset in 2018 + income tax payable in 2018

now computing the above values :

Reduction in deferred tax asset in 2018 = deferred tax asset balance-realizable deferred tax asset

                                                                   = 126million - (165million*70%)

                                                                   = 126million - 115.5 million

                                                                   = 10.5 million

Total income tax expense in 2018= 98 million + 10.5 million

                                                         = 108.5 million

answerjointly by the fed and by the behavior of individuals who hold money and of banks in which money is held;