Reporting Changes in Enacted Tax Rates On January 1 of Year 1 , Keefe Corporation purchased equipment at a cost of $300,000. The equipment has a five- year life and no salvage value. The depreciation schedule for GAAP and tax purposes follows. a. Record the income tax journal entry on December 31 of Year 1 (assuming the original tax depreciation schedule provided). - Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). b. Record the income tax journal entry on December 31 of Year 2 (assuming the original tax depreciation schedule provided). - Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). Reporting Changes in Enacted Tax Rates On January 1 of Year 1 , Keefe Corporation purchased equipment at a cost of $300,000. The equipment has a five- year life and no salvage value. The depreciation schedule for GAAP and tax purposes follows. a. Record the income tax journal entry on December 31 of Year 1 (assuming the original tax depreciation schedule provided). - Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). b. Record the income tax journal entry on December 31 of Year 2 (assuming the original tax depreciation schedule provided). - Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero)