Jacob Industries reported a deferred tax liability of $7.00 million for the year ended December 31, 2020, related to a temporary difference of $28 million. The tax rate was 25%. The temporary difference is expected to reverse in 2022 at which time the deferred tax liability will become payable. There are no other temporary differences in 2020-2022. Assume a new tax law is enacted in 2021 that causes the tax rate to change from 25% to 15% beginning in 2022. (The rate remains 25% for 2021 taxes.) Taxable income in 2021 is $38 million. Income tax expense in 2021 for Jacob would be: O $12.3 million $6.7 million $8.7 million O $13.7 million