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Use the following to answer questions 9-11 Mathis Co. at the end of 2014, its...

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Use the following to answer questions 9-11 Mathis Co. at the end of 2014, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income $ 800,000 2,000,000 1600,000) s_200.000 Estimated litigation expense Installment sales receivable Taxable income The estimated litigation expense of $2,000,000 will be deductible in 2016 when it is expected to be paid. The installment sales will be realized in the amount of $800,000 in each of the next two years. The installment sales receivable are classified as an $800,000 current receivable $800,000 noncurrent receivable liability. The income tax rate is 20% for 2014 and 30% thereafter. 9. The total amount of income tax expense is A) $240,000 B) $120,000 C) $400,000 D) $800,000. E) None of the above

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