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Income tax expense for the year was $372,000. Income taxes payable decreased by $34,000 during the year, resulting in an ending balance of $71,000. How much cash was paid for income taxes during the year

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Based on the income tax expense, and the change in income tax payable, the cash paid in income taxes was $406,000.

How much was paid in taxes?

This can be found by the formula:

= Income tax expense + Decrease in tax payable

Solving gives:

= 372,000 + 34,000

= $406,000

Find out more on income tax payable at https://brainly.com/question/25641320.

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