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Bronson Industries reported a deferred tax liability of $8 million for the year ended December 31, 2010, related to a temporary difference of $20 million. The tax rate was 40%. The temporary difference is expected to reverse in 2012 at which time the deferred tax liability will become payable. There are no other temporary differences in 2010-2012. Assume a new tax law is enacted in 2011 that causes the tax rate to change from 40% to 30% beginning in 2012. (The rate remains 40% for 2011 taxes.) Taxable income in 2011 is $30 million.
Required:
1. Determine the effect of the change and prepare the appropriate journal entry to record Bronson's income tax expense in 2011.
2. What adjustment, if any, is needed to revise retained earnings as a result of the change?
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