Based on the following information for the year
ended December 31, 2018, what is the dollar
amount of Income Tax Expense?
Retained Earnings
$ 340,000
January 1, 2018
Cost of Goods Sold
$ 620,000
Cash dividends
declared in 2018
$ 50,000
Operating Expenses
$ 170,000
Sales Revenue
$1,000,000
Income tax rate
30 %
Common stock
10,000 shares
outstanding all year