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Prepare journal entry for pina to adjust the deferred tax

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Reference no: EM131696220

Question - At December 31, 2017, Pina Corporation had a deferred tax liability of $591,500, resulting from future taxable amounts of $1,690,000 and an enacted tax rate of 35%. In May 2018, a new income tax act is signed into law that raises the tax rate to 40% for 2018 and future years.

Prepare the journal entry for Pina to adjust the deferred tax liability.

Reference no: EM131696220

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