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Provide the journal entries to adjust carry-forward balances

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Reference no: EM132837414

NRP Ltd has the following deferred tax balances as at 30 June 2019.

Deferred tax asset $8 00 000
Deferred tax liability $6 00 000
The above balances were calculated when the tax rate, was 20 per cent. On 1 December 2019 the government raises the corporate tax rate to 25 per cent.

Required:

Problem 1: Provide the journal entries to adjust the carry-forward balances of the deferred tax asset and deferred tax liability

Reference no: EM132837414

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