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In 2020, the Starlight company accrued wages payable $75,000 and will make the payment in...

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Accounting

In 2020, the Starlight company accrued wages payable $75,000 and will make the payment in 2021.

Taxable income for 2020 is $635,000, the enacted tax rate is 20% for all years. It is the only difference between pretax financial income and taxable income, and there were no deferred taxes at the beginning of 2020.

What amount of income tax expense should the company report at the end of 2020?

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