Bronson Industries reported a deferred tax liability of $8 million for the year ended December 31, 2017,
Question:
Required:
1. Determine the effect of the change and prepare the appropriate journal entry to record Bronson's income tax expense in 2018.
2. What adjustment, if any, is needed to revise retained earnings as a result of the change?
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Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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