Shiraz Company invested $12,100 in a mutual fund on August 1. By December 31, the value of
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Shiraz Company invested $12,100 in a mutual fund on August 1. By December 31, the value of the mutual fund had declined to $8,800, and the company did not sell any portion of the mutual fund during the year. The company’s income tax rate is 35%. Prepare the journal entry necessary to record the deferred income tax asset.
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Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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