FASB ASC questions!

three-digit Topic (the first digit of which represents an Area), a two-digit Subtopic, a twodigit Section, and a two- or three-digit Paragraph. Accounting for Income Taxes A client is preparing its deferred tax provision and is trying to determine what rate to use. A tax bill that will change its tax rate was passed and enacted shortly after the client's year-end. Identify the location in professional standards that indicates what tax rate should be used to measure deferred taxes. Property, Plant and equipment (PP\&E) A client has discontinued manufacturing a specific product and, as a result, has retired certain machinery and equipment that was used in the manufacturing process. The client intends to attempt to sell the assets to another manufacturer. Identify the location in professional standards that indicates how a long-lived asset classified as held for sale should be measured. A company sells its inventory in the order in which it is acquired, but sets sales prices based on the most recent purchases. It is trying to determine how to report the inventory in its balance sheet. Identify the location in professional standards that indicates that the cost of inventory may be determined using one of several cost flow assumptions