Which of the following must Franklin Freightways disclose related to the income tax expense reported in the income statement, ($ in millions) ?
A) Only the current portion of tax expense of $66.
B) Only the total tax expense of $82.
C) Both the current portion of the tax expense of $66 and the deferred portion of the tax expense of $16.
D) None of these.Disclosures should reveal both the current portion of the tax expense [($200 + 5 40) 40% = $66] and the deferred portion of the tax expense.($40 40% = $16) .
Correct Answer:
Verified
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