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Which entries correctly reflects tax effect for intragroup

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Reference no: EM132994561

Problem 1: Danish Ltd owns all the shares in Bikki Ltd. Danish Ltd sells land to Bikki Ltd at a loss. Which of the following entries correctly reflects the tax effect for this intragroup transaction?

Option 1: Dr. Deferred tax asset

Option 2: Dr. Deferred tax liability

Option 3: Cr. Deferred tax asset

Option 4: Cr. Deferred tax liability

Reference no: EM132994561

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