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In 2020, Gavin reported a book-tax difference of unearned revenue of $400,000, which created a dererred tax asset of $140,000. The statutory tax rate in

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In 2020, Gavin reported a book-tax difference of unearned revenue of $400,000, which created a dererred tax asset of $140,000. The statutory tax rate in 2020 was 35%. At the beginning of 2021, the statutory tax rate changed to 30%. The journal entry to account for the change in tax rate in 2021 will include: O A debit to income tax expense for $20,000. A debit to deferred tax asset for $20,000. A credit to income tax payable for $7,000. A credit to deferred tax asset for $7,000. No journal entry required

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