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Sunland's only Temporary difference at the beginning and end of 2024 is caused by a...

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Accounting

Sunland's only Temporary difference at the beginning and end of 2024 is caused by a $3.57 million deferred gain for tax purposes for an installment sale of a plant asset, and the related receivable (only one half of which is classified as a current asset) is due in equal installments in 2025 and 2026. The reltated deferred tax liablity at the beginning of the year is $1,071,000. IN the thrid quarter of 2024, a new tax rate of %20 is enacted into law and is scheduled to become effective for 2026. Taxable income for 2024 is $5,950,000 and taxabel income is expected in all future years. Deferred tax liability is $892,500. Prepare Journal entires to adjust the deferred tax liability when the new tax rate is enacted into law.
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