The Jets Company recorded a deferred tax liability of $18,750 on December 31 of Year 1, due to the book value of equipment exceeding the tax basis of equipment by $75,000. The difference will reverse equally over the next three years. In late Year 1, the enacted tax rate increasec to 42 so beginning in Year 3 . a. Determine the income tax rate that is the enacted rate for Year 1. income tax rate for Year 1: b. What journal entry should the jets record to adjust the deferred tax liability, if any, on December 31 of Year 1