Computing Deferred Income Tax (Supplement B)
The following information pertains to the Lewis Corporation.
| Year 2011 | Year 2012 |
Income taxes payable | $250,000 | $290,000 |
Increase in deferred tax liability | 54,000 | 58,000 |
Required:
1. For each year, compute income tax expense (assume that no taxes have been paid).
2. Explain why tax expense is not simply the amount of cash paid during the year.
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