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Gannon Enterprises provided the following information regarding book-tax differences for its first year of operations EEE (Click the icon to view the book-tax differences.) Installment sales are a normal part of Gannon's operations. The depreciation expense is related to a building costing $1,650,000. Income before including any of the book-tax differences above is $915 000. Deferred tax assets are expected o be u realized and, as a result n allowance accountis needed Gannon s sub ec a % ncome ax rate. Requirement Prepare the ournal entry es necessary to record the effects of a tax ate reduction from 40% to 34% e ec explanations from any journal entries.) e the beginnin 0 Yea 2. Record de its first the credits. lude Data Table Year 2 Account Deferred Tax Liability Income Tax Expense Deferred Tax Asset Source of Book-Tax Difference Installment sales: Income recognized 2-year warranty Costs: Warranty expense Depreciation expense GAAP Tax $ 516,000 $ 120,000 41,000 88,000 138,000 65,000 Print Done