Business, 29.02.2020 00:29 eduardavezdemel

Madhu Corp. receives rent in advance of $100,000 in 20X1. The timing difference is expected to reverse $40,000 in 20X3 and $60,000 in 20X4. The enacted tax rates are 30% in 20X1 and 20X2. At the end of 20X2, the balance in the deferred tax asset account is $30,000. In 20X2, the tax laws are changed, and the new enacted tax rate for 20X3 and thereafter is 40%. Which of the following entries would be included in the journal entry to adjust the deferred tax account at December 31, 20X2?

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Madhu Corp. receives rent in advance of $100,000 in 20X1. The timing difference is expected to rever...

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