At the end of 2019 , Sentry Company reported a deferred tax liability of $6,916 based on an income tax rate of 26%. On January 2,2020 , Congress changed the income tax rate to 32%. Required: 1. Calculate the amount of the adjustment to Sentry's 2019 year-end deferred tax liability. 2. Prepare the journal entry to correct Sentry's deferred tax liability. Chart of Accounts ASSETS 111 Cash 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance 160 Deferred Tax Asset 181 Equipment 198 Accumulated Depreciation LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 260 Deferred Tax Liability REVENUE 411 Sales Revenue EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense 261 Income Taxes Payable Calculate the amount of the adjustment to Sentry's 2019 year-end deferred tax liability. required in deferred tax liability 2. Prepare the journal entry to correct Sentry's deferred tax liability on January 2. Question not attempted