Recording Income Tax with Changing Tax Rates The Jets Company recorded a deferred tax liability in the amount of 546 875 in December 2020, due to the GAAP value of equipment exceeding the tax basis of equipment by 5187 500 The difference will reverse equally over the next three years In late 2020, the enacted tax rate increased to 42 5 beginning 2022 Determine the income tax rate that is the enacted rate for 2020, Income tax rate for 2020 b What journal entry should Jets record to adjust the deferred tax liability If any Note List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order Note of the journal entry includes an extra line that is not required, select N A as the account name and leave the Dr and Cr answers blank Crero) in the very last row of the journal entry Date Account Name Dr G Det 2000 Deferred Tax Asset 15 625 Deferred Tax Asset 15625 NA O

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Recording Income Tax with Changing Tax Rates The Jets Company recorded a deferred tax liability in the amount of 546 875 in December 2020, due to the GAAP value of equipment exceeding the tax basis of equipment by 5187 500  The difference will reverse equally over the next three years  In late 2020, the enacted tax rate increased to 42 5 beginning 2022 Determine the income tax rate that is the enacted rate for 2020, Income tax rate for 2020 b  What journal entry should Jets record to adjust the deferred tax liability  If any  Note List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order Note of the journal entry includes an extra line that is not required, select N A as the account name and leave the Dr and Cr answers blank Crero) in the very last row of the journal entry Date Account Name Dr  G Det 2000 Deferred Tax Asset 15 625 Deferred Tax Asset   15625 NA   O

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Recording Income Tax with Changing Tax Rates The Jets Company recorded a deferred tax liability in the amount of 546.875 in December 2020, due to

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