At December 31, 2022, Palden Corporation had a deferred tax asset of $800,000, resulting from future deductible

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At December 31, 2022, Palden Corporation had a deferred tax asset of $800,000, resulting from future deductible amounts of $3.2 million and an enacted tax rate of 25%. In May 2023, new income tax legislation is signed into law that raises the tax rate to 30% for 2023 and future years. Prepare the journal entry for Palden to adjust the deferred tax account.

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Related Book For  answer-question

Intermediate Accounting Volume 2

ISBN: 9781119740445

13th Canadian Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

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