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Prepare journal entry for Bramble to adjust deferred tax

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Reference no: EM132720528

Problem - At December 31, 2019, Bramble Corporation had a deferred tax asset of $937,500, resulting from future deductible amounts of $3.75 million and an enacted tax rate of 25%. In May 2020, new income tax legislation is signed into law that raises the tax rate to 30% for 2020 and future years. Prepare the journal entry for Bramble to adjust the deferred tax account.

Reference no: EM132720528

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