Business, 19.03.2020 08:01 CeddHendrix

Jewett Enterprises had a deferred tax liability balance due to a temporary difference at the beginning of 2019 related to $200,000 of excess depreciation. In December of 2019, a new income tax act is signed into law that raises the corporate rate from 20% to 25%, effective January 1, 2021. If taxable amounts related to the temporary difference are scheduled to be reversed by $100,000 for both 2020 and 2021, Jewett should increase or decrease deferred tax liability by what amount?

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Jewett Enterprises had a deferred tax liability balance due to a temporary difference at the beginni...