At the end of 2019, Blue Spruce Corporation reported a deferred tax liability of $44,200. At the end of 2020, the company had $248,000 of temporary differences related to property, plant, and equipment. Depreciation expense on this property, plant, and equipment has been lower than the CCA claimed on Blue Spruce's income tax returns. The resulting future taxable amounts are as follows: 2021 2022 2023 2024 $80,000 63,000 58,000 47,000 $248,000 The tax rates enacted as of the beginning of 2019 are as follows: 31% for 2019 and 2020; 30% for 2021 and 2022; and 25% for 2023 and later. Taxable income is expected in all future years. Calculate the deferred tax account balance at December 31, 2020. Deferred tax $ $ Prepare the journal entry for Blue Spruce to record deferred taxes for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Date December 31, 2020 Account Titles and Explanation Deferred Tax Expense Deferred Tax Liability Early in 2021, after the 2020 financial statements were released, new tax rates were enacted as follows: 29% for 2021 and 27% for 2022 and later. Prepare the journal entry for Blue Spruce to recognize the change in tax rates. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Date December 31, 2021