Recording Income Tax with Changing Tax Rates over the next three years. In late Year $1,$ the enacted tax rate increased to $42\mathrm{.}5\%$ beginning in Year $3.$

a$.$ Determine the income tax rate that is the enacted rate for Year $1.$

Income tax rate for Year $1$:

b$.$ What journal entry should the Jets record to adjust the deferred tax liability, if any, on December $31$ of Year $1?$

$\backslash$table$[[,$Year $2,$Year $3,$Year $4,$Total,$],[$Reversal of difference between GAAP and tax bases,$$,0,0,0,],[$Tax rate,$0\%,0\%,0\%,,],[$Deferred tax liability,$$,0,0$$$,0,0]]$

$\backslash$table$[[$Date$,$Account Name,Dr$.,$Cr$.,],[$Dec$.31,$ Year $1,,0,0,],[,,vv,0,0],[,$To adjust the deferred tax liability:,,,$]]$