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Recording Tax Valuation Allowance Maui Resort Inc. determined that the balance in its deferred tax asset account on December 31, 2020, was $50,000. Management reviewed all available positive and negative evidence to estimate that 30% of the deferred tax asset was more likely than not to be realized. The valuation allowance for deferred tax assets has a December 31, 2020, unadjusted balance of $4,000 (credit). Record the entry to adjust the allowance on December 31, 2020. Dr. Cr. Date Account Name Dec. 31, 2020 Income Tax Expense Valuation Allowance for Deferred Tax Asset 11,000 x 0 0 11,000 x