David Corporation had income before income taxes of $185,200 in 2025. David's current income tax expense is $21,700, and deferred income tax expense is $16,500. Prepare David's 2025 income statement, beginning with "Income before income taxes". (Enter negative amounts using either a negative sign preceding the number eg -45 or parentheses eg. (45)) DAVID CORPORATION Income Statement (Partial) 17 SUF

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.