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What is journal entry to adjust the carry-forward balances

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Question - ABC Ltd has the following tax balances as at 30 June 2018

Deferred Tax Asset 20 000

Deferred Tax Liability 22 000

The balances were calculated when the tax rate was 30%. On 30 September 2018, the government announced a change to the company tax rate to 27.5%, effective immediately.

Required - What is the journal entry to adjust the carry-forward balances of the deferred tax asset and deferred tax liability?

Reference no: EM132603159

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