Wayne Co. had a decrease in deferred tax liability of $29 million, a decrease in deferred tax assets of $19 million, and an increase in tax payable of $109 million. The company is subject to a tax rate of 25%. The total income tax expense for the year was:

The multiple choices are:

A. $99 million.

B. $100 million.

C. $110 million.

D. $130 million.

The current option is A, $99 million

Explanation:

The total income tax expense for the comprises of the increase in tax payable amount of $109 million plus the decrease in deferred tax assets minus the decrease in deferred tax liability

Increase in tax payable                   $109,000,000

decrease in deferred tax liability    ($29,000,000)

decrease in deferred tax assets       $19,000,000

total income tax expense                 $99,000,000

The amount tax  expense to deducted in the income statement for the year is $99 million.

The decrease in  deferred tax liability is like an income ,hence deducted , while the decrease in deferred tax assets is added as an additional tax expense.

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