Bronson Industries reported a deferred tax liability of $8.50 million for the year ended December 31, 2023, related to a temporary difference of $34 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 20232025. 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 $44 million. Required: Prepare the appropriate journal entry to record Bronsons income tax expense in 2024. What effect, will enacting the change in the 2025 tax rate, have on Bronsons 2024 net income?