Recording Corporate Income Tax Refund

[gshaffner]

Company has asset of $100k in 2008 prepaid est tax payments. FY 2008 return was filed with $56k tax due, resulting in a refund of $43k. Previous bookkeeper recorded following entry:

BS $100k Other Current Asset

DR Cash $43k
CR Fed Inc Tax Deposit $43k

$56k still on BS as Other Current Asset

Tax year has come and gone, but prepaid is still on BS. How do I make the correction in current year?

Any help is appreciated.

Thank you.