Rice Corp. has tax depreciation in excess of financial reporting depreciation of $100,000 in 20X1. The timing difference is expected to reverse $30,000 in 20X2 and $70,000 in 20X3. In 20X1, the enacted tax rates were 40% for 20X1 and thereafter. However, during 20X2, the enacted rate was changed to 30% for years 20X3 and thereafter. Rice records the journal entry for deferred taxes at the end of 20X2 at the tax rate of 40%, and then prepares an adjusting entry to appropriately revalue the deferred tax account at year-end. What entry is required to record the adjusting entry for the change in enacted tax rates?

Goods and services that can be used for the same purpose are and goods and services that are used together are

Trecek corporation incurs research and development costs of $625,000 in 2017, 30 percent of which relate to development activities subsequent to ias 38 criteria having been met that indicate an intangible asset has been created. the newly developed product is brought to market in january 2018 and is expected to generate sales revenue for 10 years. assume that a u.s.–based company is issuing securities to foreign investors who require financial statements prepared in accordance with ifrs. thus, adjustments to convert from u.s. gaap to ifrs must be made. ignore income taxes. required: (a) prepare journal entries for research and development costs for the years ending december 31, 2017, and december 31, 2018, under (1) u.s. gaap and (2) ifrs. (c) prepare the entry(ies) that trecek would make on the december 31, 2017, and december 31, 2018, conversion worksheets to convert u.s. gaap balances to ifrs.

Location test: question 1 of 54)water is a solvent because itoa. is made of moleculesob. dissolves many substancesc. is a saltd. has a large buffering capacity