Rirsk Ltd. has a balance in the deferred asset account of $70,000 (presenting tax losses available of $200.000 at a rate of 35%) and a valuation allowance of $20,000. During 20x5, the company had taxable income of $90,000, and the current rate is 30%. The company has decided that going forward, it is probable that only $80,000 in tax losses will be realized. What is the journal entry to adjust the deferred tax asset balance and valuation allowance account to their appropriate balance at the end of 20x5. Multiple Choice Dr. Deferred tax asset $27.000 Cr.Valuation allowance $11,000 Cr. Income tax expense 16,000 Dr. Valuation allowance $11,000 Dr. Income tax expense 26, 000. Cr. Deferred tax asset $37,000 Dr. Deferred tox asset $31, 500 Cr Income tox expense 22.500. C. Valuation allowance $9.000 Dr. Valuation allowance $18,000 Dr. Income tax expense 19.000. C. Deferred tax asset $37.000