On Jan. 1, 2017, Meyers Co. had a deferred tax liability of $240,000 related to $60

5. On Jan. 1, 2017, Meyers Co. had a deferred tax liability of $240,000 related to $600,000 of temporary differences. The temporary differences will reverse by S300,000 in 2018 and $300,000 in 2019. In December of 2017, a new tax act is signed into law that lowers the corporate rate from 40% to 35%, effective January 1, 2019 By how much should Meyers change the deferred tax liability account because of the rate change? a. Increase by S15,000 . Increase by $30,000 c.Decrease by $30,000 d. Decrease by S15,000 d. Decrease by $15,0

On Jan. 1, 2017, Meyers Co. had a deferred tax liability of $240,000 related to $600,000 of temporary differences. The temporary differences will reverse by $300,000 in 2018 and $300,000 in 2019. In December of 2017, a new tax act is signed into law that lowers the corporate rate from 40% to 35%, effective January 1, 2019. By how much should Meyers change the deferred tax liability account because of the rate change? a. Increase by $15,000. b. Increase by $30,000 c. Decrease by $30,000 d. Decrease by $15,000

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