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Business, 15.04.2020 20:43 uhhgray

At December 31, 2014, Fell Corporation had a deferred tax liability of $680,000, resulting from future taxable amounts of $2,000,000 and an enacted tax rate of 34%. In May 2015, a new income tax act is signed into law that raises the tax rate to 40% for 2015 and future years. Prepare the journal entry for Fell to adjust the deferred tax liability. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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At December 31, 2014, Fell Corporation had a deferred tax liability of $680,000, resulting from futu...
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