At December 31, 2007. Tick Corporation had a deferred tax liability of $680,000, resulting from future taxable
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At December 31, 2007. Tick Corporation had a deferred tax liability of $680,000, resulting from future taxable amounts of $2,000,000 and an enacted tax rate of 34%. In May 2008, a new income tax act is signed into law that raises the tax rate to 38% for 2008 and future years. Prepare the journal entry for Tick to adjust the deferred tax liability.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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