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How to get deferred tax number and retain earning? $262,500 Question 22 (6 points) a In 2018, Oriole Corporation discovered that equipment purchased on January
How to get deferred tax number and retain earning?
$262,500 Question 22 (6 points) a In 2018, Oriole Corporation discovered that equipment purchased on January 1, 2015, for $75,000 was expensed at that time. The equipment should have been depreciated over 5 years, with a $10,000 salvage value. The effective tax rate is 30%. Oriole uses straight-line depreciation. Oriole's 2018 journal entry to correct would credit retained earnings and deferred taxes for the following amounts: 1) Deferred Taxes = 10800 2) Retained Earnings = 25200 = Step by Step Solution
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