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Category > Accounting Posted 21 Apr 2017 My Price 7.00

Brief Exercise 19-11

Brief Exercise 19-11

At December 31, 2017, Pina Corporation had a deferred tax liability of $591,500, resulting from future taxable amounts of $1,690,000 and an enacted tax rate of 35%. In May 2018, a new income tax act is signed into law that raises the tax rate to 40% for 2018 and future years.

 

Prepare the journal entry for Pina to adjust the deferred tax liability. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

 

Account Titles and Explanation

Debit

Credit

 

Answers

SuperTutor
(15)
Status NEW Posted 21 Apr 2017 02:04 AM My Price 7.00

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