Question: Superlor Developers sells lots for residential development. When lots are sold, Superior recognizes income for financlal reporting purposes in the year of the sale. For
Superlor Developers sells lots for residential development. When lots are sold, Superior recognizes income for financlal reporting purposes in the year of the sale. For some lots, Superior recognizes income for tax purposes when the cash is collected. In Superior sold lots for $ million, for which no cash was collected at the time of the sale. This cash will be collected equally over and The enacted tax rate was at the time of the sale. In a new tax law was enacted, revising the tax rate from beginning in
Calculate the total amount by which Superior should change its deferred tax liabllity in
Note: Enter your answer in millions rounded to decimal places ie should be entered as
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