Recording Income Tax with Changing Tax Rates The Jets Company recorded a deferred tax liability in the amount of $93,750 in December 2020, due to the GAAP value of equipment exceeding the tax basis of equipment by $375,000. The difference will reverse equally over the next three years. In late 2020, the enacted tax rate increased to 42.5% beginning 2022. a. Determine the income tax rate that is the enacted rate for 2020. Income tax rate for 2020 0 % b. What journal entry should Jets record to adjust the deferred tax liability, if any? Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Note: If the journal entry includes an extra line that is not required, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero) in the very last row of the journal entry. Date Account Name Dr. Cr. Dec. 31, 2020 O 0 0 0 0 0 Please answer all parts of the