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18.22 Elwood Ltd has the following deferred tax balances as at 30 June 2023: The above balances were calculated when the tax rate was 30

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18.22 Elwood Ltd has the following deferred tax balances as at 30 June 2023: The above balances were calculated when the tax rate was 30 per cent. On 1 December 2023 the government raises the corporate tax rate to 35 per cent. Required: Provide the journal entries to adjust the carry-forward balances of the deferred tax asset and deferred tax liability

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