A company has a deferred tax liability of A company has a deferred tax liability of $$40,000$ at the beginning of the fiscal year relating to a taxable temporary difference of $$100,000.$ The tax rate for the year increased from $40\%$ to $45\%.$

Requirement

Provide the journal entry to reflect the tax rate change. $($Record debits first, then credits. Explanations are not required.$)$

$ $40,000$ at the beginning of the fiscal year relating to a taxable temporary difference of

$ $100,000.$ The tax rate for the year increased from $40\%$ to $45\%$

Requirement

Provide the journal entry to reflect the tax rate change. $($Record debits$$first$,$ then credits. Explanations are not$$required$.)$