Raymond corporation reported a deferred tax


At December 31, 2012 Raymond Corporation reported a deferred tax liability of $150,000 which was attributable to a taxable type temporary difference of $500,000. The temporary difference is scheduled to reverse in 2016. During 2013, a new tax law increased the corporate tax rate from 30% to 40%. Raymond should record this change by debiting?

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Accounting Basics: Raymond corporation reported a deferred tax
Reference No:- TGS0557752

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