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Newbolt Corp. had pretax GAAP income of $192,000 in the current year. The January 1 balance in the Deferred Tax Asset account was $12,000. At the end of the year, the GAAP basis of deferred rent revenue is $60,200 more than the tax basis of deferred rent revenue. There were no other temporary differences. The company’s tax rate is 25%. What is total income tax expense for the current year? a. $66,100 b. $60,000 c. $44,950 d. $48,000

User Gilles San Martin
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Answer:The Correct Answer is Option(d) $48000

Step-by-step explanation:

User Jeremy Bernier
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