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Suppose that on the first day of the next fiscal year, the federal statutory tax rate changed from 35% to 21%. What journal entry related

image text in transcribed Suppose that on the first day of the next fiscal year, the federal statutory tax rate changed from 35% to 21%. What journal entry related to the net deferred tax asset would ZAGG record? You may assume that the state statutory tax rate will not change. [Hint: when income tax rates change, companies must "re-value" their deferred income tax assets and liabilities.]

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