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  3. at december 31, 2013, the account balances of dowl

At December 31, 2013, the account balances of Dowling, Inc. showed income taxes payable of...

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Accounting

At December 31, 2013, the account balances of Dowling, Inc. showed income taxes payable of $38 million and a current deferred tax asset of $60 million before assessing the need for a valuation allowance. The previous year Dowling had reported a current deferred tax asset of $45 million with no valuation allowance. Dowling determined that it was more likely than not that 20% of the deferred tax asset ultimately would not be realized. Dowling made no estimated tax payments during 2013. What amount should Dowling report as total income tax expense in its 2013 income statement?

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