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Hill Corporation prepared the following reconciliation for its first year of operations: Pretax financial income...

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Accounting

Hill Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for 2021 $ 1,800,000 Tax exempt interest (150,000) Originating temporary difference (350,000) Taxable income $1,300,000 The temporary difference will reverse evenly over the next two years at an enacted tax rate of 30%. The enacted tax rate for 2021 is 25%.

Required: Prepare the income tax expense section of the Income Statement for 2021 beginning with the line Income before Income Tax,

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