question archive Maryland company revalued the plant at the beginning of the year from $400,000 to $500,000
Maryland company revalued the plant at the beginning of the year from $400,000 to $500,000
Subject:LawPrice: Bought3
Maryland company revalued the plant at the beginning of the year from $400,000 to $500,000. The plant is being depreciated at the rate of 10% per year for accounting purposes and 5% per year for tax purposes. Corporate tax rate is 30%.
Prepare the end of period adjustment journal entries to account for income tax on the initial appearance or reversal of any temporary differences.
