Brief Exercise 18-14 At December 31, 2019, Flounder Corporation had a deferred tax asset of $737,500, resulting from future deductible amounts of $2.95 million and an enacted tax rate o 25%. In May 2020, new income tax legislation is signed into law that raises the tax rate to 30% for 2020 and future years. Prepare the journal entry for Flounder to adjust the deferred tax account. (Credit account titles are automatically indented when the amount is entered. Do no indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS