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The following information is provided for Able Ltd: Taxable income for the year is...

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Accounting

The following information is provided for Able Ltd:
Taxable income for the year is $400,000
There was an increase in deferred tax asset for the year of $80,000
There was a decrease in deferred tax liability for the year of $30,000
There was a gain on revaluation of plant (before tax) of $90,000
Tax rate is 30%
What is the income tax expense of Able Ltd for the year in accordance with the requirements of AASB112 Income Taxes?
Decrease $17,000
Increase $37,000
Decrease $97,000
Decrease $43,000
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