(Solution) - Shiraz Company invested 12 100 in a mutual fund on August -(2025 Original AI-Free Solution)

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Shiraz Company invested $12,100 in a mutual fund on August 1. By December 31, the value of the mutual fund had declined to $8,800, and the company did not sell any portion of the mutual fund during the year. The company?s income tax rate is 35%. Prepare the journal entry necessary to record the deferred income tax asset.