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At december 31 2010 fell corporation had a deferred tax

1. At December 31, 2010, 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 2011, a new income tax act is signed into law that raises the tax rate to 40% for 2011 and future years. Prepare the journal entry for Fell to adjust the deferred tax liability.

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Accounting Basics: At december 31 2010 fell corporation had a deferred tax

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