B Co. reported a deferred tax liability of $24 million for the year ended December 31, 2020, related to a temporary difference of 560 million. The tax rate was 25%. The temporary difference is expected to reverse in 2022 at which time the deferred tax liability will become payable. There are no other temporary differences in 2020-2022. Assume a new tax law is enacted in 2021 that causes the tax rate to change from 25 to 20% beginning in 2022. (The rate remains 25% for 2021 taxes.) Taxable income in 2021 is $100 million Required: Determine the effect of the change and prepare the appropriate journal entry to record B's income tax expense in 2021. What adjustment, if any, is needed to revise retained earnings as a result of the change