E18.21 (LO 2, 3, 5, 8, 9) (Deferred Tax Liability, Change in Tax Rate) Yen Inc.'s only temporary difference at the beginning and end of 2020 is caused by a $4.8-million deferred gain for tax purposes on an instalment sale of a plant asset. The related receivable (only one half of which is classified as a current asset) is due in equal instalments in 2021 and 2022. The related deferred tax liability at the beginning of the year is $1,440,000. In the third quarter of 2020, a new tax rate of 29% is enacted into law and is sched- uled to become effective for 2022. Taxable income is expected in all future years. Instructions a. Determine the amount to be reported as a deferred tax liability at the end of 2020. Indicate its proper classification(s) if Yen Inc. applies ASPE. b. Indicate the classification of the Deferred Tax Asset or Deferred Tax Liability account if Yen Inc. applies IFRS. c. Prepare the journal entry (if any) that is necessary to adjust the deferred tax liability when the new tax rate is enacted into law.