Cole Company had a delerred tax liability of $1,000 at the end of Year 1 when the tax rate was 20\%. In Year 2 , Congress increases the income tax rate from 20% 10304 Required: Record the joumal entry cole would make to acjust for this change. Record the joumal entry Cole would make to adjust for this second year change on January 1. General Joumal instructions How does grading work