Mauve Company invested $6,000 in a mutual fund on April 1. By December 31, the value of
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Mauve Company invested $6,000 in a mutual fund on April 1. By December 31, the value of the mutual fund had increased to $7,300, and the company did not sell any portion of the mutual fund during the year. The company’s income tax rate is 30%. Prepare the journal entry necessary to record the deferred income tax liability.
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Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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