Prepare journal entry for deferred income tax liability, Accounting Basics

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Prepare journal entry for deferred income tax liability

Deferred Tax Liability

Response to the following problem:

The company invested $2,500 in a mutual fund on April 1. By December 31, the value of the mutual fund had increased to $3,100, and the company did not sell any portion of the mutual fund during the year. The company's income tax rate is 35%. Prepare the journal entry necessary to record the deferred income tax liability.

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Accounting Basics: Prepare journal entry for deferred income tax liability

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Accounting Basics: Prepare journal entry for deferred income tax liability

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