Meyers should increase liability by what amount

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Reference no: EM13141751

Meyers Co. had a deferred tax liability balance due to a temporary difference at the beginning of 2010 related to $600,000 of excess depreciation. In December of 2010, a new income tax act is signed into law that lowers the corporate rate from 40% to 35%, effective January 1, 2012. If taxable amounts related to the temporary difference are scheduled to be reversed by $300,000 for both 2011 and 2012, Meyers should increase or decrease deferred tax liability by what amount?

Reference no: EM13141751

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