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The company revalued plant at the beginning of the year from $340000 to $600000. The...

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Accounting

The company revalued plant at the beginning of the year from $340000 to $600000. The plant is being depreciated at the rate of 10% per year for accounting purposes and 5% per year for tax purposes. The company tax rate is 30%. Prepare the end-of-period adjustment journal entries for the deferred tax account in relation to the above situation. The company revalued plant at the beginning of the year from $340000 to $600000. The plant is being
depreciated at the rate of 10% per year for accounting purposes and 5% per year for tax purposes. The
company tax rate is 30%. Prepare the end-of-period adjustment journal entries for the deferred tax account in
relation to the above situation.
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