At December 31, 2016 Apollo Company had a deferred tax liability of $25,000. At Decem

. At December 31, 201C Apollo Company had a deferred tax liability of $25,000. At December 31, 2017 the deferred tax liability is $42.000. The corporations 2017 tax expense-current on the income statement is $48,000. What is the amount of totxpee? a. $48,000 b. S65,000 .On Jan. 1,2017,Mevers Co hrd o dofnt $31,000 d. $17,000

At December 31, 2016 Apollo Company had a deferred tax liability of $25,000. At December 31, 2017 the deferred tax liability is $42.000. The corporation’s 2017 tax expense-current on the income statement is $48,000. What is the amount of total tax expense? a. $48,000 b. $65,000 c. $31,000 d. $17,000

Expert Answer

 

By beginning balance $25000
To ending balance $42000 By deferredTax expense(balance) $17000
Total $42000 Total $42000.

Hence amount of total tax expense=Deferred tax expense+Current tax expense

=($17000+$48000)

=$65000(B).

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