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What adjustment to income tax expense to recognise

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Reference no: EM132672630

Clive Limited had the following deferred tax balances at reporting date:

Deferred tax assets $32 000

Deferred tax liabilities $55 000

Problem 1: Effective from the first day of the next financial period, the company rate of income tax was reduced from 40% to 35%. The adjustment to income tax expense to recognise the impact of the tax rate change is:

Select one:

Option 1: CR$2 875

Option 2: DR$2 875

Option 3: CR $3 286

Option 4: None of these

Option 5: DR$3 286

Reference no: EM132672630

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