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What amount should be reported as deferred tax expense

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Reference no: EM132873198

Aries company reported a deferred tax asset of 90,000 on January 1, 2017. During the year, the entity reported pretax financial income of 3,000,000. Temporary differences of 1,000,000 resulted in taxable income of 2,000,000 for the year. On December 31, 2017, the entity had cumulative taxable differences of 700,000. The income tax rate is 30%.

Question 1: What amount should be reported as deferred tax expense for the current year?

a) 120,000
b) 210,000
c) 300,000
d) 600,000

Reference no: EM132873198

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