Pharoah Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for 2021 $2000000 Tax exempt interest (154000) Originating temporary difference (358000) Taxable income$1488000 The temporary difference will reverse evenly over the next 2 years at an enacted tax rate of 30%. The enacted tax rate for 2021 is 25%. What amount should be reported in its 2021 income statement as the deferred portion of income tax expense
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