Please make the response detailed and clear, thanks Preparing Income Tax Section of Income Statement...
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Preparing Income Tax Section of Income Statement
Bell Corp. recognized $38,000 in current income tax expense in 2020. Pretax GAAP income was $89,000 and deferred income tax expense is $6,000 for 2020. Prepare (a) the income tax section of the income statement for Bell Corp. for 2020 and (b) the disclosure of current and deferred income tax expense.
Note: Do not use negative signs with your answers. a. Partial Income Statement For the year ended December 31, 2020 Income before income taxes $ 0 x 0 x Income tax expense Net income TA $ 0 x b. Financial Statement Disclosure 2020 $ TA 0 x Current tax expense Deferred tax expense Total income tax expense 0 X $ 0 x
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