E new doc 2019-01-22 18 0 A 10 file:///C:/UserstalalDownloadsew%20doc%202019-o1.22%2018.5749%20(1).pdf The Jets Company recorded a deferred tax liability in the amount of $18,750 in December 2020, due to the book value of equipment exceeding the tax basis of equipment by $75,000. The difference will reverse equally over the next three years. In late 2020, the enacted tax rate increased to 42.5% beginning 2022. a. Determine the income tax rate that is the enacted rate for 2020. b. What journal entry should the Jets record to adjust the deferred tax liability, if any? E In 2020, Lambeau Inc. suffered a loss of $100,000. The enacted tax rate is 25%. Prepare Lambeau's entry for the loss carryforward on December 31, 2020, assuming that management determined that it was more likely than not that the deferred tax asset would be realized. * ENG 1/22/2019