5.1 accounting

As a result of this discussion, you will gain a deeper understanding of the differences between income tax expense and income tax payable and be able to explain these differences in layman’s terms.A member of your Board of Directors is concerned that your company’s income statement reports an income tax expense of $12.3 million, but the income tax obligation to the government for the year is only $7.9 million.For this discussion activity, respond to the following question: Performing as the Corporate Controller, how might you explain this apparent discrepancy to the board member? Note: This board member has a limited accounting background.