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Time left 1:24:2 5 At the end of 2021 its second year of operations, Pie Co. prepared the following reconciliation between accounting income and taxable income: Accounting income $100,000 Permanent difference (20,000) Temporary difference 60,000 of Taxable income $ 140,000 At December 31, 2020 the deferred tax asset was $25,000. The income tax rate for 2020 was 25%. A new tax rate of 20% was enacted into law in March 2021 for 2021 and later years. Required: What is the deferred tax expense be for 2021? Select one: O a. DEBIT Deferred tax expense $16,000 O b. CREDIT Deferred tax expense $16,000 O c. DEBIT Deferred tax expense $7,000 O d. CREDIT Deferred tax expense $7,000 For 2020 and 2021. its first two years of operations. Tempo Co prepared the following reconciliatin