my Exercise 16-17 Deferred taxes; change in tax rates [LO16-1, 16-5] Bronson Industries reported a deferred tax liability of $8.7 million for the year ended December 31, 2017, related to a temporary difference of $29 million. The tax rate was 30%. The temporary difference is expected to reverse in 2019 at which time the deferred tax liability will become payable. There are no other temporary differences in 2017-2019. Assume a new tax law is enacted in 2018 that causes the tax rate to change from 30% to 20% beginning in 2019. (The rate remains 30% for 2018 taxes.) Taxable income in 2018 is $39 million. Required: Prepare the appropriate journal entry to record Bronson's income tax expense in 2018. What adjustment, if any, is needed to revise retained earnings as a result of the change? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions and round your answers to 1 decimal place.) View transaction list Journal entry worksheet 1 2 Drav 5 of 10 Next