Deferred Tax Liability The company invested $2,500 in a mutual fund on April 1. By December 31,
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Deferred Tax Liability The company invested $2,500 in a mutual fund on April 1. By December 31, the value of the mutual fund had increased to $3,100, and the company did not sell any portion of the mutual fund during the year. The company’s income tax rate is 35%. Prepare the journal entry necessary to record the deferred income tax liability.
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Accounting Concepts And Applications
ISBN: 9780324376159
10th Edition
Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice, Monte R. Swain
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