Question: Sheridan financial income for Lake Inc. is $260,000, and its taxable income is $120,000 for 2018. Its only temporary difference at the end of the period relates to a $80,000 difference due to excess depreciation for tax purposes. If the tax rate is 40% for all periods, compute the amount of income tax expense to report in 2018. No deferred income taxes existed at the beginning of the year.
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