Recording the deferred income tax asset, Taxation

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Recording the deferred income tax asset

Deferred Tax Assets

Response to the following problem:

The company invested $5,600 in a mutual fund on August 1. By December 31, the value of the mutual fund had declined to $3,900, and the company did not sell any portion of the mutual fund during the year. The company's income tax rate is 25%.

Prepare the journal entry necessary to record the deferred income tax asset.

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Taxation: Recording the deferred income tax asset

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Taxation: Recording the deferred income tax asset

Reference No:- TGS02115754

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