The Jets Company recorded a deferred tax liability of $$15,000$ on December $31$ of Year $1,$ due to the book value of equipment exceeding the tax basis of equipment by $$60,000.$ The difference will reverse equally over the next three years. In late Year $1,$ the enacted tax rate increased to $42\mathrm{.}5\%$ beginning in Year $3.$

a$.$ Determine the income tax rate that is the enacted rate for Year $1$ and Year $2.$

Income tax rate for Year $1$ and Year $2$:

Answer

$\%$

b$.$ What journal entry should the Jets record to adjust the deferred tax liability, if any?

$$ 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$).$