Addison Co. has one temporary difference at the beginning of 2020 of $500,000. The deferred tax liability established for this amount is $150,000, based on a tax rate of 30%. The temporary difference will provide the following taxable amounts: $100,000 in 2021, $200,000 in 2022, and $200,000 in 2023. If a new tax rate for 2023 of 20% is enacted into law at the end of 2020, what is the journal entry necessary in 2020 to adjust deferred taxes? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation e Textbook and Media List of Accounts Debit Credit

Addison Co. has one temporary difference at the beginning of 2020 of $500,000. The deferred tax liability estabished for this amount is $150,000, based on a tax rate of 30%. The temporary difference will provide the following taxable amounts: $100,000 in 2021 , $200,00g in 2022, and $200,000 in 2023 . If a new tax rate for 2023 of 20% is enacted into law at the end of 2020 , what is the journal entry necessary in 2020 to adjust deferred taxes? (Credit account tities are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)