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Pennant Company had the following account balances at the end of 2016:

Pennant Company had the following account balances at the end of 2016:

Income tax payable  

$35,000

Income tax expense (provision for income taxes)  

$40,000

Pretax accounting income  

$100,000

DTA  

 $7,000

 

What was Pennant's net income for 2016?

$53,000

$60,000

$67,000

$65,000

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