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    Qianyng Posts: 2, Reputation: 1
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    Mar 14, 2011, 11:52 PM
    Income tax
    Best Berhad sustained a deferred tax asset of RM300000 in respect of a deductible temporary difference of RM2million, but Best had only recognized RM100000 as an asset in the balance sheet. During the year ended 31 December 2010, Best pioneered a new production process and expected to generate a prosperous business and sustained profit from 2011.
    Question:
    1. Discuss the implications of the current development on Best's deferred tax asset.
    2. Draft the journal entries to effect the implication in (1).
    3. If the tax rate is increased to 30%, discuss and draft the journal entries.

    Hope can help me.. thanks a lot..

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