At December 31, 2020 the Corporation reported a deferred tax liability of $240,000 which was attributable to a taxable temporary difference of $800,000. The temporary difference is scheduled to reverse in 2024. During 2021. a new tax law increased the corporate tax rate from 30% to 40%. The Corporation should record this change by debiting Retained Earnings for $80,000 Income Tax Expense for $24,000. Income Tax Expense for $80,000, Retained Earnings for $24,000