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Exercise 16-20 (Static) Deferred taxes; change in tax rates; financial statement effects [LO16-3, 16-6] Shwonson industries reported a deferred tax asset of $5 million for the year ended December 31, 2023, related to a temporary difference of $20 million. The tax rate was 25%. The temporary difference is expected to reverse in 2025 , at which time the deferred tax asset will reduce taxable income. There are no other temporary differences in 2023-2025, Assume a new tax law is enacted in 2024 that causes the tax rate to change from 25% to 15% beginning in 2025 . (The rate remains 25% for 2024 taxes) Taxable income in 2024 is $30 million. Required: 1. Prepare the appropriate journal entry to record Shwonson's income tax expense in 2024. 2. What effect, will enacting the change in the 2025 tax rate, have on Shwonson's 2024 net income? Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entry to record Shwonson's income tax expense in 2024. Note: If no entry is required for a transactionvevent, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal piace (i.e., 5,500,000 should be entered as 5.5). Exercise 16-20 (Static) Deferred taxes; change in tax rates; financial statement effects [LO16-3, 16-6] Shwonson Industries reported a deferred tax asset of $5 million for the year ended December 31,2023 , related to a temporary difference of $20 million. The tax rate was 25%. The temporary difference is expected to reverse in 2025 , at which time the deferred tax asset will reduce taxable income. There are no other temporary differences in 2023-2025. Assume a new tax law is enacted in 2024 that causes the tax rate to change from 25% to 15% beginning in 2025 . (The rate remains 25% for 2024 taxes.) Taxable income in 2024 is $30 million. Required: 1. Prepare the appropriate journal entry to record Shwonson's income tax expense in 2024. 2. What effect, will enacting the change in the 2025 tax rate, have on Shwonson's 2024 net income? Complete this question by entering your answers in the tabs below. What effect, will enacting the change in the 2025 tax rate, have on Shwonson's 2024 net income? Note: Enter your answer in million (i.e., 5,000,000 should be entered as 5)