At the end of 2017, its first year of operations, Ontario Corp. prepared the following reconciliation between pre-tax accounting income and taxable income: The estimated lawsuit expense of $750,000 will be deductible in 2019 when it is expected to be paid. The instalment sales will be realized at $300,000 in each of the next two years. The income tax rate is 30% for all years. The total income tax expense to be reported on the income statement is

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At the end of 2017, its first year of operations, Ontario Corp. prepared the following reconciliation between pre-tax accounting income and taxable income:  The estimated lawsuit expense of $750,000 will be deductible in 2019 when it is expected to be paid. The instalment sales will be realized at $300,000 in each of the next two years. The income tax rate is 30% for all years. The total income tax expense to be reported on the income statement is

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The Answer of At the end of 2017, its first year of operations, Ontario Corp. prepared the following reconciliation between pre-tax accounting income and taxable income:  The estimated lawsuit expense of $750,000 will be deductible in 2019 when it is expected to be paid. The instalment sales will be realized at $300,000 in each of the next two years. The income tax rate is 30% for all years. The total income tax expense to be reported on the income statement is

At the End of 2017, Its First Year of Operations