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What is the adjustment for this change

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Question - For 2019, Essence Company, a calendar year taxpayer, will change from using the cash method for tax purposes to the accrual method. At the end of 2018, Essence showed the following items.

Accounts receivable $200,000

Accounts payable 135,000

Bank loan 100,000

Required - What is the $481(a) adjustment for this change in accounting method? Indicate whether the adjustment is positive or negative.

Reference no: EM132486952

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