(Answered) Question - pina financial income for lake inc is 340000 and

Accounting

Question - Pina financial income for Lake Inc. is $340,000, and its taxable income is $110,000 for 2018. Its only temporary difference at the end of the period relates to a $100,000 difference due to excess depreciation for tax purposes. If the tax rate is 39% for all periods, compute the amount of income tax expense to report in 2018. No deferred income taxes existed at the beginning of the year.

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