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Calculate the amount of the adjustment to Sentry

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Reference no: EM132891052

Problem - Change in Tax Rates At the end of 2019, Sentry Company reported a deferred tax liability of $6,120 based on an income tax rate of 30%. On January 2, 2020, Congress changed the income tax rate to 35%.

Required -

1. Calculate the amount of the adjustment to Sentry's 2019 year-end deferred tax liability.

2. Prepare the journal entry to correct Sentry's deferred tax liability.

Reference no: EM132891052

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