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B Co. reported a deferred tax liability of $21.6 million for the year ended December 31, 2020, related to a temporary difference of $54 million. The tax rate was 25%. The temporary difference is expected to reverse in 2022 at which time the deferred tax liability will become payable. There are no other temporary differences in 2020-2022. Assume a new tax law is enacted in 2021 that causes the tax rate to change from 25% to 20% beginning in 2022. (The rate remains 25% for 2021 taxes.) Taxable income in 2021 is $84 million. Required: Determine the effect of the change and prepare the appropriate journal entry to record B’s income tax expense in 2021.
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B Co. reported a deferred tax liability of $21.6 million for the year ended December 31, 2020, relat...
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