Bronson Industries reported a deferred tax liability of $$5$ million for the year ended December $31,2023,$ related to a temporary difference of $$20$ 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 $15\%$ beginning in $2025.($The rate remains $25\%$ for $2024$ taxes.$)$ Taxable income in $2024$ is $$30$ million.

Required:

Prepare the appropriate journal entry to record Bronson's income tax expense in $2024.$

What effect, will enacting the change in the $2025$ tax rate, have on Bronson's $2024$ net income?

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Prepare the appropriate journal entry to record Bronson'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