Return to question Bronson Industries reported a deferred tax liability of $8.5 million for the year ended December 31, 2020, related to a temporary difference of $34 million. The tax rate was 25%. The temporary difference is expected to reverse in 2022, at which time the deferred tax liability will become payable. There are no other temporary differences in 2020-2022. Assume a new tax law is enacted in 2021 that causes the tax rate to change from 25% to 20% beginning in 2022. (The rate remains 25% for 2021 taxes.) Taxable income in 2021 is $88 million. Required: 1. Determine the effect of the change and prepare the appropriate journal entry to record Bronson's income tax expense in 2021. 2. Is Bronson required to revise prior years' financial statements as a result of the change? 3. Is Bronson required to provide a disclosure note to report the change? Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Required 2 Required 3 Determine the effect of the change and prepare the appropriate journal entry to record Bronson's income tax expense in 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (ie., 5,500,000 should be entered as 5.5).) No: 1 Event 1 Income tax expense Deferred tax liability General Journal Debit 23.7 Credit 173