Answer :
The income statement should report net income of: $ 85000
Income as per books. $ 100,000
Income tax ( 60000×25%) = 15000
Deferred tax : no deferred tax as the difference is permanent
Therefore net income in income statement = 100000-15000= $ 85000
An income statement or income and loss account is one of the economic statements of a business enterprise and indicates the company's revenues and prices in the course of a selected duration. It shows how the sales are transformed into the net earnings or net earnings.
An income declaration suggests a organization's revenues, prices and profitability over a time frame. it's also from time to time referred to as a earnings-and-loss (P&L) statement or an income announcement. It indicates your: sales from promoting services or products. costs to generate the revenue and manipulate your enterprise.
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