Current Attempt in Progress At December 31, 2025, Kingbird Corporation had a deferred tax liability of $492,800, resulting from future taxable amounts of $2,240,000 and an enacted tax rate of 22%. In May 2026, a new income tax act is signed into law that raises the tax rate to 25% for 2026 and future years. Prepare the journal entry for Kingbird to adjust the deferred tax liability. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

At December 31, 2025, Kingbird Corporation had a deferred tax liability of $492,800, resulting from future taxable amounts of $2,240,000 and an enacted tax rate of 22%. In May 2026, a new income tax act is signed into law that raises the tax rate to 25% for 2026 and future years. Prepare the journal entry for Kingbird to adjust the deferred tax liability. (List debit entry before credit entry. Credit occount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts