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Jenson Limited had the following deferred tax balances at reporting date: Deferred tax assets $32 000 Deferred tax liabilities $55 000 Effective from the first

Jenson Limited had the following deferred tax balances at reporting date: Deferred tax assets $32 000 Deferred tax liabilities $55 000 Effective from the first day of the next financial period, the company rate of income tax was reduced from 40% to 35%. The adjustment to income tax expense to recognise the impact of the tax rate change is

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