Roar Ice cream Company prepared the following reconciliation for 2021: Pretax financial income for 2021...
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Accounting
Roar Ice cream Company prepared the following reconciliation for 2021:
Pretax financial income for 2021 752,000
Originating temporary difference 21,000
Permanent difference (36,000)
Taxable income= $737,000
The temporary difference will reverse evenly over the next two years: 2022 and 2023. The enacted income tax rates are 34% for 2021 and 2022, and 29% for 2023.
Compute the companys income tax expense for 2021. Please show work
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