Cole Company had a deferred tax liability of $1,000 at the end of Year 1 when the

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Cole Company had a deferred tax liability of $1,000 at the end of Year 1 when the tax rate was 20%. In Year 2, Congress increases the income tax rate from 20% to 30%. Record the journal entry Cole would make to adjust for this change.

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Intermediate Accounting

ISBN: 978-0324659139

11th edition

Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones

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Question Posted: Dec 09, 2013 09:34 AM

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Cole Company had a deferred tax liability of $1,000 at the end of Year 1 when the

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Intermediate Accounting

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