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In its first year of operations Best Corp. had income before tax of $420,000. Best made...

In its first year of operations Best Corp. had income before tax of $420,000. Best made income tax payments totaling $157,000 during the year and has an income tax rate of 35%. What was Best's net income for the year?

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Expert Solution

Net income = Income before tax - Income tax expense

= $420,000 - $157,000

= $263,000

ekkarill92 answered 2 years ago
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