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What is the journal entry for the above transaction

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Question - For tax purpose, the company changes (1) depreciation method for building ($100,000,000) from double-declining to straight, and (2) salvage value from $25,000,000 to $868,800. Tax rate is 20% for all years. Balances in the deferred tax asset and deferred tax liability accounts at January 1, 2021, were $3,500,000, and $270,000 (1,350,000*20%). Espenses include $1,625,061 for life insurance on key executives. What is the journal entry for the above transaction?

Reference no: EM132960099

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