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Make the journal entry to adjust the carry-forward balances

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Question - Strongarm Ltd has the following tax balances as at 30 June 2018:

Deferred Tax Asset 96,000

Deferred Tax Liability 40,000

The balances were calculated when the tax rate was 30%. On 30 September 2018, the government announced a change to the company tax rate to 24%, effective immediately. Make the journal entry to adjust the carry-forward balances of the deferred tax asset and deferred tax liability.

Reference no: EM133088626

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