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Business, 11.10.2019 18:30 Gabysh3794

At december 31, 2017, 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 2018, a new income tax act is signed into law that raises the tax rate to 40% for 2018 and future years. prepare the journal entry for fell to adjust the deferred tax liability.

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