At December 31, 2022, Takeshi Group had a deferred tax liability of 680,000,000 resulting from future taxable
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At December 31, 2022, Takeshi Group had a deferred tax liability of ¥680,000,000 resulting from future taxable amounts of ¥2,000,000,000 and an enacted tax rate of 34%. In May 2023, a new income tax act is signed into law that raises the tax rate to 40% for 2023 and future years. Prepare the journal entry for Takeshi to adjust the deferred tax liability.
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Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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