At December 31, 2020, Tojosa Corporation reported a deferred tax liability of $240,000 which was attributable to a taxable temporary difference of $800,000. The temporary difference is scheduled to reverse in 2024. In 2021, a new tax law increased the corporate tax rate from 30% to 35%. How should Tojosa Corporation report this change? It is required to explain your answer
At December 31, 2020, Tojosa Corporation reported a deferred tax liability of $240,000 which was attributable to a taxable temporary difference of $800,000. The temporary difference is scheduled to reverse in 2024. In 2021, a new tax law increased the corporate tax rate from 30% to 35%. How should Tojosa Corporation report this change? It is required to explain your answer
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 15DQ
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At December 31, 2020, Tojosa Corporation reported a
How should Tojosa Corporation report this change? It is required to explain your answer.
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