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What is the total income tax expense for the year

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Reference no: EM133027979

Question - The applicable income tax rate for 2021 is 30% and the government approved a law to increase the income tax rate into 35% for 2022 and forward. The following data is shown for income tax computation:

Operating profit subject to tax 1,000,000

Excess warranty expense over allowable deduction 150,000

Excess income on installment sales over taxable income 180,000

Interest income on treasury bills 10,000

Revaluation surplus 100,000

Required - What is the total income tax expense for the year 2021?

Reference no: EM133027979

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