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Shelley Corporation reported a deferred tax liability of $327,600 on its balance sheet for December...

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Accounting

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Shelley Corporation reported a deferred tax liability of $327,600 on its balance sheet for December 31, 2016, when the corporate tax rate was 35%. This deferred tax liability was attributable to a taxable temporary difference of $936,000 that is expected to reverse during 2018 or later. During 2017. a new tax law decreased the corporate tax rate to 21%. Shelley should record this change by crediting Deferred tax liability for $45.864 Deferred tax liability for $131,040 Deferred tax expense for $45,864 Deferred tax expense for $131.010

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