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Question
During 2012, a company reported an increase in the deferred tax liability account of $47,790, a decrease in the deferred tax asset account of $17,225, and an income tax liability as per the 2012 income tax return of $198,375. What is the income tax expense to be reported on the income statement for the year ending December 31, 2012?
A. $263,390
B. $228,940
C. $167,810
D. $198,375
Answer
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