Congress increases the income tax rate from 20 to 30 record
Cole Company had a deferred tax liability of $1,000 at the end of Year 1 when the tax rate was 20%. In Year 2, Congress increases the income tax rate from 20% to 30%. Record the journal entry Cole would make to adjust for this change.
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cole company had a deferred tax liability of 1000 at the end of year 1 when the tax rate was 20 in year 2 congress
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