Reference no: EM132858875
On 30 June 2021 Jerry Ltd recorded a loss on revaluation for building of $50,000. In the previous year a gain on revaluation for building of $35,000 had been recorded. That tax rate is 30%.
Question 1: On 30 June 2021, the journal entry required for a tax effect is:
Select one:
a. Dr Deferred tax liability $10,500, Cr Income tax expense (OCI) $10,500
b. Dr Income tax expense (OCI) $10,500, Cr Deferred tax liability $10,500
c. Not needed. There should be no journal entry for tax effect.
d. Dr Deferred tax liability $4,500, Cr Income tax expense (OCI) $4,500
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