Kendall Corp., a domestic, calendar$-$year C$-$corporation, prepared the following $($in mid$-$

December$)$ as part of its income tax footnote for the current year. The rate is $21\%$ and no

future rate changes have been enacted.

Please complete the following:

What entry did Kendall make to record the change in deferred tax assets and liabilities

this year?

Assume management this year believes it is more likely than not that only $\frac{1}{2}$ of the

capital loss will be usable before expiration. What additional journal entry must Kendall

make? What is the total amount of the capital loss carryforward?

Assume pre$-$tax financial income is $$2,900,000$ and that Kendall is entitled to a $$14,500$

nonrefundable tax credit. Please prepare the income tax provision and construct the

effective tax rate reconciliation $($in $ and $\%).$ Please show every reconciling item in the

rate reconciliation regardless of significance.

Assume that Congress enacted a tax rate change in late December that reduced the

corporate tax rate to $17\%$ effective next year. What additional entry$/$entries must

Kendall make this year?

Revise the DTA$/$DTI schedule given this new rate$-$enactment assumption

Re$-$work numbers $1-3$ with this new rate$-$enactment assumption.