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What is the journal entry to adjust carry-forward balances

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Reference no: EM132914134

Sunshine Ltd has the following tax balances as at 30 June 2020:

Deferred Tax Asset 240,000
Deferred Tax Liability 260,000

Problem 1: The balances were calculated when the tax rate was 30%. On 30 September 2019, the government announced a change to the compány tax rate to 28%, effective immediately. What is the journal entry to adjust the carry-forward balances of the deferred tax asset and deferred tax liability?

Reference no: EM132914134

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