The income tax disclosure note accompanying the January 31, 2020, financial statements of Walmart is reproduced below:

Required:
1. Focusing on only the first part of Note 9, relating current, deferred, and total provision for income taxes, prepare a summary journal entry that records Walmart’s 2020 tax expense associated with income from continuing operations. Make a single entry to “Deferred tax liability (net)” for the total effect on deferred tax assets, deferred tax liabilities and the valuation allowance.
2. Calculate the actual change in Walmart’s net deferred tax liability for fiscal 2020. Does that change equal the change indicated in your summary journal entry? What besides continuing operations might account for the difference?

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($ in millions) Current: U.S. federal U.S. state and local International Total current tax provision Deferred: U.S. federal U.S. state and local International Total deferred tax expense (benefit) Total provision for income taxes 2020 $ 2,794 587 1,205 4,586 Fiscal Years Ended January 31, 2019 663 35 (369) 329 $ 4,915 2020 $2,763 493 1,495 4,751 (361) (16) (93) (470) $4,281 2019 2018 $2,998 405 1,377 4,780 (22) (12) (146) (180) $4,600