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Which is the appropriate adjustment to recognise tax effect

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Reference no: EM132941855

Problem 1: A Limited acquired B Limited for $150 000. At acquisition date the fair value of the B Limited's Land was $50 000 and the book value was $40 000. If the company tax rate is 30%, which of the following is the appropriate adjustment to recognise the tax effect of the business combination revaluation of Land?

a. CR Deferred tax liability $3 000
b. CR Deferred tax asset $3 000
c. DR Deferred tax asset $3 000
d. DR Deferred tax liability $3 000

Reference no: EM132941855

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