A company has a deferred tax liability of $29,900 at the beginning of the fiscal year. The
Question:
A company has a deferred tax liability of $29,900 at the beginning of the fiscal year. The company’s records show that it had taxable temporary differences totalling $115,000 entering the year. In the current fiscal year, the tax rate is 24%.
Required:
Provide the journal entry to reflect the tax rate change (if any).
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The journal entry to reflect the tax rate change include i In the account Deferred tax l...View the full answer
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