Change in Tax Rates. Turnabout Enterprises provided the following information regarding book-tax differences for its first year of operations: Installment sales are a normal part of Turnabouts operations. The depreciation expense is related to a building costing $1 600.000. Income before including any of the book-tax differences above is $920,000. Deferred tax assets are expected to be fully realized and, as a result, no allowance account is needed. Turnabout is subject to a 40% income tax rate. Prepare the journal entry/entries necessary to record the effects of a tax-rate reduction from 40% to 34% effective the beginning of Year 2