pickett fences creates quarterly financial statements. on their financial statement dated march 31, 2019, pickett reported a deferred tax liability of $472,000 that they expect to pay over the next five years. on april 7, 2019, a tax law was passed increasing the corporate tax rate from 20% to 25%. the new tax will be effective on january 1, 2021. when would pickett journalize the change in the value of their deferred tax liability?
