For the current year, Phoenix Company reported income tax expense of $195,000 . Income taxes payable at the end of the prior year were $125,000 and at the end of the current year were $130,000 . The deferred tax liability classified as noncurrent that resulted from the use of MACRS for tax purposes and straight-line depreciation for financial reporting purposes increased from $120,000 at the
beginning of the current year to $123,000 at the end of the current year. How much cash was paid for income taxes during the year?
a. $187,000
b. $197,000
c. $195,000
d. $190,000
A
Business
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