$*$NEED HELP WITH PART B$*$ Blossom Inc's only temporary difference at the beginning and end of $2024$ is caused by a $$3\mathrm{.}03$ million deferred gain for tax purposes

for an installment sale of a plant asset, and the related receivable $($only one$-$half of which is classified as a current asset$)$ is due in equal

installments in $2025$ and $2026.$ The related deferred tax liability at the beginning of the year is $$909,000.$ In the third quarter of $2024.$

a new tax rate of $20\%$ is enacted into law and is scheduled to become effective for $2026.$ Taxable income for $2024$ is $$5,050,000,$ and

taxable income is expected in all future years.

$($a$)$

Your answer is correct.

Determine the amount reported as a deferred tax liability at the end of $2024.$

Deferred tax liability $

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$($b$)$

Prepare the journal entry necessary to adjust the deferred tax liability when the new tax rate is enacted into law. $($List debit entry

before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is

required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

Deferred Tax Liability

Income Tax Payable