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For 2018, Essence Company, a calendar year taxpayer, will change from using the cash method for tax purposes to the accrual method. At the end
For 2018, Essence Company, a calendar year taxpayer, will change from using the cash method for tax purposes to the accrual method. At the end of 2017, Essence had the following items:
Accounts receivable Accounts payable Bank loan $498,100 298,860 249,050 what is the 481(a) adjustment for this change in accounting method? Indicate whether the adjustment is positive or negative. Essence will report this amount in its income equally over years beginning inStep by Step Solution
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