Cliff Corp (CC) reported on its financial statements deferred taxes of $250, $300 and $220 in 2017, 2018 and 2019, respectively. If CC reported income tax expense of $100 for in 2018 and 2019, then income tax did CC actually pay in 2018 and 2019?
2017 | 2018 | 2019 | |
Deferred taxes | $ 250 | $ 300 | $ 220 |
Income tax expense | $ 100 | $ 100 | |
Increase in deferred taxes | $ 50 | ||
Decrease in deferred taxes | $ 80 | ||
Tax paid: | |||
2018 = 100-50 = | $ 50 | ||
2019 = 100+80 = | $ 180 |
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