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At December 31, 2016 Apollo Company had a deferred tax liability of $25,000. At December 31, 2017 the deferred tax liability is $42.000. The corporation’s 2017 tax expense-current on the income statement is $48,000. What is the amount of total tax expense? a. $48,000 b. $65,000 c. $31,000 d. $17,000
Expert Answer
| By beginning balance | $25000 | ||
| To ending balance | $42000 | By deferredTax expense(balance) | $17000 |
| Total | $42000 | Total | $42000. |
Hence amount of total tax expense=Deferred tax expense+Current tax expense
=($17000+$48000)
=$65000(B).
