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Prepare journal entry to account for decrease in tax rate

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Reference no: EM132833577

Question - Falcon Ltd has the following deferred tax balances at 1 July 2020:

Deferred Tax Asset (based on DTD of $85,000) $25,500

Deferred Tax Liability (based on TTD of $50,000) $15,000

On 1 February 2021, the company tax rate decreased from 30% to 25%.

Required - Prepare the journal entry to account for the decrease in the tax rate on 1 February 2021?

Reference no: EM132833577

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