Business, 28.05.2021 21:00 jeffreydaboy1223

At December 31, 2020 Blossom Corporation reported a deferred tax liability of $230000 which was attributable to a taxable temporary difference of $780000. The temporary difference is scheduled to reverse in 2024. During 2021, a new tax law increased the corporate tax rate from 20% to 30%. Blossom should record this change by debiting

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At December 31, 2020 Blossom Corporation reported a deferred tax liability of $230000 which was attr...