Boyas Industries reported a deferred tax liability of $$8\mathrm{.}0$ million for the year ended December $31,2023,$ related to a temporary Determine the effect of the change and prepare the appropriate journal entry to record the company's income tax expense in

Is Boyas required to revise prior years' financial statements as a result of the change?

Is Boyas required to provide a disclosure note to report the change?

Complete this question by entering your answers in the tabs below.

Req $1B$

Determine the effect of the change and prepare the appropriate journal entry to record the company's income tax expense in $2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in

millions rounded to $1$ decimal place $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$

Journal entry worksheet

$1$

Record the income tax expense in $2024.$

Note: Enter debits before credits. Boyas Industries reported a deferred tax liability of $$8\mathrm{.}0$ million for the year ended December $31,2023,$ related to a temporary

difference of $$32$ million. The tax rate was $25\%.$ The temporary difference is expected to reverse in $2025,$ at which time the deferred

tax liability will become payable. There are no other temporary differences in $2023-2025.$ Assume a new tax law is enacted in $2024$

that causes the tax rate to change from $25\%$ to $20\%$ beginning in $2025.($The rate remains $25\%$ for $2024$ taxes.$)$ Taxable income in

$2024$ is $$84$ million.

Required:

Determine the effect of the change and prepare the appropriate journal entry to record the company's income tax expense in

$2024.$

Is Boyas required to revise prior years' financial statements as a result of the change?

Is Boyas required to provide a disclosure note to report the change?

Complete this question by entering your answers in the tabs below.

Is Boyas required to revise prior years' financial statements as a result of the change?

Required to revise prior years' financial statements

Req$3$

Boyas Industries reported a deferred tax liability of $$8\mathrm{.}0$ million for the year ended December $31,2023,$ related to a temporary

difference of $$32$ million. The tox rate was $25\%.$ The temporary difference is expected to reverse in $2025,$ at which time the deferred

tax liability will become payable. There are no other temporary differences in $2023-2025.$ Assume a new tax law is enacted in $2024$

that causes the tax rate to change from $25\%$ to $20\%$ beginning in $2025.($The rate remains $25\%$ for $2024$ taxes.$)$ Taxable income in

$2024$ is $$84$ million.

Required:

Determine the effect of the change and prepare the appropriate journal entry to record the company's income tax expense in

Is Boyas required to revise prior years' financial statements as a result of the change?

Is Boyas required to provide a disclosure note to report the change?

Complete this question by entering your answers in the tabs below.

Is Boyas required to provide a disclosure note to report the change?

difference of $$32$ million. The tox rate was $25\%.$ The temporary difference is expected to reverse in $2025,$ at which time the deferred

tax liability will become payable. There are no other temporary differences in $2023-2025.$ Assume a new tax law is enacted in $2024$

that causes the tax rate to change from $25\%$ to $20\%$ beginning in $2025.($The rate remains $25\%$ for $2024$ taxes.$)$ Taxable income in

$2024$ is $$84$ million.

Required:

Determine the effect of the change and prepare the appropriate journal entry to record the company's income tax expense in

$2024.$

Is Boyas required to revise prior years' financial statements as a result of the change?

Is Boyas required to provide a disclosure note to report the change?

Complete this question by entering your answers in the tabs below.

Req $3$

Determine the type of accounting change.

Type of change