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Nalad Corp. provided the following data related to accounting and taxable income: 20X8 20X9 Pre-tax...

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Accounting

Nalad Corp. provided the following data related to accounting and taxable income: 20X8 20X9 Pre-tax accounting income (financial statements) $ 440,000 $ 460,000 Taxable income (tax return) 260,000 640,000 Income tax rate 38 % 38 % There are no existing temporary differences other than those reflected in these data. There are no permanent differences.

Required: 1-a. How much tax expense would be reported in each year if the taxes payable method was used?

Tax Expense

20X8

20X9

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