Multiple Choice
Jacob, Inc., changed from the average cost to the FIFO cost flow assumption in 2012.the increase in the prior year`s income before taxes is €1,100,000.The tax rate is 35%.Jacob's 2012 journal entry to record the change in accounting policy will include.
A) a debit to Retained Earnings for €1,100,000.
B) a credit to Retained Earnings for €1,100,000.
C) a debit to Inventory for €715,000.
D) a credit to deferred Tax Liability for €385,000
Correct Answer:
Verified
Correct Answer:
Verified
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