(Learning Objective 1: Account for income tax) At December 31, 2014, Branson Real Estate reported a current liability for income tax payable of $105,000. During 2015, Branson earned income of $1,040,000 before income tax. The company’s income tax rate during 2015 was 36%. Also during 2015, Branson paid income taxes of $333,200. How much income tax payable did Branson Real Estate report on its balance sheet at December 31, 2015? How much income tax expense did Branson report on its 2015 income statement?
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