During 2018, a company reported an increase in the deferred tax liability account of $77,990, an increase in the deferred tax asset account of $35,325, and an income tax liability as per the 2018 income tax return of $398,555. What is the income tax expense to be reported in the income statement for the year ending December 31, 2018

income tax expense to be reported in the income statement for the year ending December 31, 2018 is $441,220

Explanation:

Income tax expense = current tax payable + increase in DTL - increase in DTA

Note: DTL = Deffered tax liability

DTA = Differed tax asset

Income tax expense = $398,555 + $77,990 - $35,325

Income tax expense = $441,220

Income tax expense to be reported in the income statement for the year ending December 31, 2018 is $441,220

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