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Question - Bellinzona Co. reported a deferred tax liability of $24 million for the year ended December 31, 2020, related to a temporary difference of $60 million. The tax rate was 25%. The temporary difference is expected to reverse in 2022 at which time the deferred tax liability will become payable. There are no other temporary differences in 2020-2022. Assume a new tax law is enacted in 2021 that causes the tax rate to change from 25% to 20% beginning in 2022. (The rate remains 25% for 2021 taxes.) Taxable income in 2021 is $100 million.
Requirements -
(1) Determine the effect of the change on the company's retained earnings.
(2) Prepare the appropriate journal entry to record Bellinzona's income tax expense in 2021. Use positive numbers for debits and brackets (XXX) for credits:
Total income tax expense (in millions):
Deferred tax liability (in millions):
Income tax payable (in millions):
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