Phyllis, Inc., earns book net income before tax of $600,000. Phyllis puts into service a depreciable asset this year, and first year tax depreciation exceeds book depreciation by $120,000. Phyllis has recorded no other temporary or permanent book-tax differences. Assuming that the U. S. tax rate is 21%, what is Phyllis's total income tax expense reported on its GAAP financial statements? a. $252,000b. $210,000c. $168,000d. $42,000
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