Bronson Industries reported a deferred tax liability of $10million for the year ended December 31, 2020, related to a temporary difference of $40 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 20202022 Assume a new tax law is enacted in 2021 that causes the tax rate to change from 25% to 15% beginning in 2022. (The rate remains 25% for 2021taxes.) Taxable income in 2021 is $50 million. Required: 1. Prepare the appropriate journal entry to record Bronson's income tax expense in 2021. 2. What effect, will enacting the change in 2022 tax rate. Have on Bronsons 2021 net income?