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. Date Account Name Dr. Cr. 33,500 x 0 Dec. 31, 2020 Income Tax Expense Valuation Allowance for Deferred Tax Asset 0 33,500 x Check