Bronson industries reported a deferred tax liability of $10.4 million for the year ended december 31, 2017, related to a temporary difference of $26 million. the tax rate was 40%. the temporary difference is expected to reverse in 2019 at which time the deferred tax liability will become payable. there are no other temporary differences in 2017–2019. assume a new tax law is enacted in 2018 that causes the tax rate to change from 40% to 30% beginning in 2019. (the rate remains 40% for 2018 taxes.) taxable income in 2018 is $36 million. required: prepare the appropriate journal entry to record bronson’s income tax expense in 2018. what adjustment, if any, is needed to revise retained earnings as a result of the change? (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. enter your answers in millions and round your answers to 1 decimal place.)
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Bronson industries reported a deferred tax liability of $10.4 million for the year ended december 31...
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