What is their total income tax expense for 2022

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Reference no: EM133612404

Question: On December 31, 2021, Cook Culinary Supplies had a deductible temporary difference of $600,000, income taxes payable of $580,000, and a tax rate of 40.0%. On June 30, 2022, Cook estimated that they would not realize $80,000 of their deferred tax asset, and made the appropriate journal entry. On September 30, 2022, they reversed $35,000 of the June 30 entry. If, for the 2022 year end, Cook calculated and reported income taxes payable of $625,000, what is their total income tax expense for 2022?

Reference no: EM133612404

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