Refer to the data and information given in Problem 18-79 for Keefe Corporation. Assume that the tax rate for 2020 through 2022 is known to be \(25 \%\), but that a new law is passed in 2020 that will raise the tax rate in 2023 and thereafter to \(30 \%\). Assume pretax GAAP income equals \(\$ 120,000\) in 2020 and 2021.

Required

a. Record the income tax journal entry on December 31, 2020 (assuming the original tax depreciation schedule provided).

b. Record the income tax journal entry on December 31, 2021 (assuming the original tax depreciation schedule provided).