A company's 2019 income tax return reported a $75,000 tax liability.During 2019,the deferred income tax liability account increased $9,000.Which of the following statements is correct?

Question

Quizplus · Accepted Answer

The income tax expense on the income statement includes both the current tax liability ($75,000) and the change in deferred tax liability ($9,000), totaling $84,000.

A Company's 2019 Income Tax Return Reported a $75,000 Tax