Cash Flow and Income Taxes
Joyce Smithers Inc. reported the following amounts related to income taxes on its 2008 income statement.
|
Income tax expense—current |
$32,000 |
|
Income tax expense—deferred |
(8,000) |
Smithers also reported the following amounts on its December 31, 2007 and 2008, balance sheets:
|
2008 |
2007 |
|
|
Deferred tax liability. |
$26,000 |
$34,000 |
|
Income taxes payable |
10,000 |
4,000 |
If Smithers uses the indirect method of reporting cash flows, what information concerning income taxes would it include in its statement of cash flows and related disclosure?