Reference no: EM132858897
The following information was available on 30 June 2020:
30 June 2020 total taxable temporary differences $84,000 and total deductible temporary differences $35,000
1 July 2019 deferred tax asset $17,200
1 July 2019 deferred tax liability $21,600
Income tax rate 30%
Problem 1: The journal entry to adjust the deferred tax accounts for 30 June 2020 is:
Select one:
a. DR Deferred Tax Asset $17,800, DR Income Tax Expense (deferred) $44,600, CR Deferred Tax Liability $62,400
b. DR Deferred Tax Asset $6,700, CR Deferred Tax Liability $3,600, CR Income Tax Expense (deferred) $3,100
c. DR Income Tax Expense (deferred) $10,300, CR Deferred Tax Liability $3,600, CR Deferred Tax Asset $6,700
d. DR Deferred Tax Asset $8,000, DR Deferred Tax Liability $11,100 CR Income Tax Expense (deferred) $19,100
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