question archive At December 31, 20X1, the Floyd Company reported a $29,600 deferred tax asset pertaining to a $80,000 temporary difference which will reverse equally during the next four years; Floyd also reported a $7,400 deferred tax liability pertaining to a $20,000 temporary difference which will reverse during 20X2
At December 31, 20X1, the Floyd Company reported a $29,600 deferred tax asset pertaining to a $80,000 temporary difference which will reverse equally during the next four years; Floyd also reported a $7,400 deferred tax liability pertaining to a $20,000 temporary difference which will reverse during 20X2
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At December 31, 20X1, the Floyd Company reported a $29,600 deferred tax asset pertaining to a $80,000 temporary difference which will reverse equally during the next four years; Floyd also reported a $7,400 deferred tax liability pertaining to a $20,000 temporary difference which will reverse during 20X2. After determining the deferred tax asset and liability on December 31, 20X1, Floyd's management was informed that the income tax rate for years subsequent to 20X1 had been changed to 21%. As a result of the tax rate change, Floyd's 20X1 income tax expense will
Multiple Choice
- increase $9,600.
- decrease $9,600.
- decrease $5,400.
- increase $5,400.
Option 1
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