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Prepare the journal entry for Monty to adjust tax liability

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Question - At December 31, 2017, Monty Corporation had a deferred tax liability of $591,500, resulting from future taxable amounts of $1,690,000 and an enacted tax rate of 35%. 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 Monty to adjust the deferred tax liability.

Reference no: EM132270561

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