Question 21 of 25 View Policies Current Attempt in Progress -/5 1 At December 31, 2017, Ivanhoe Corporation had a deferred tax liability of $795,200, resulting from future taxable amounts of $2,840,000 and an enacted tax rate of 28%. In July 2018, a new income tax act is signed into law that lowers the tax rate to 20% for 2018 and future years. Prepare the journal entry for Ivanhoe to adjust the deferred tax liability. (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 O for the amounts.) Account Titles and Explanation Debit Credit Save for Later Attempts: 0 of 1 used Submit Answer