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At December 31, 2012, Fell Corporation had a deferred tax liability of $680,000, resulting from future taxable amount of $2,000,000 and an enacted tax rate

At December 31, 2012, Fell Corporation had a deferred tax liability of $680,000, resulting from future taxable amount of $2,000,000 and an enacted tax rate of 34%. In May 2013, a new income tax act is signed into law that raises the tax rate to 40% for 2013 and future years. Prepare the journal entry to Fell to adjust the deferred tax liability

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