GYV Ltd has the following deferred tax balances as at 30 June 2019.

Deferred tax asset $9 00 000

Deferred tax liability $7 00 000

The above balances were calculated when the tax rate, was 20 per cent. On 1 December 2019 the government raises the corporate tax rate to 25 per cent.

Required:

Provide the journal entries to adjust the carry-forward balances of the deferred tax asset and deferred tax liability.