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Find the adjustment to income tax expense

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Question - ABC Limited had the following deferred tax balances at reporting date: Deferred tax assets $40 000 and Deferred tax liabilities $48 000. Effective from the first day of the next financial period, the company rate of income tax was reduced from 40% to 35%. Find the adjustment to income tax expense to recognise the impact of the tax rate change?

Reference no: EM132637434

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