Cheyenne lncfs only temporary difference at the beginning and end of 2019 is caused by a $3,150,000 deferred gain for tax purposes for an installment sale of a plant asset, and the related receivable (only onehalf of which is classied as a current asset) is due in equal installments in 2020 and 2021. The related deferred tax liability at the beginning of the year is $1,260,000. In the third quarter of 2019, a new tax rate of 20% is enacted into law and is scheduled to become effective for 2021. Taxable income for 2019 is $5,250,000, and taxable income is expected in all future years. V Your answer is correct. Determine the amount reported as a deferred tax liability at the end of 2019. Deferred tax liability 35 945000 eTextbook and Media List of Accounts Question Part Score 3.33)r 3.33 ........................................................................................................................ Prepare the journal entry necessary to adjust the deferred tax liability when the new tax rate is enacted into law. (Credit account titles are automatically indented when amount is entered. Do not indent manually. if no entry is required. select \"No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit l Deferred Tax Liability l 354000 ' Income Tax Expense ' ' 354000 eTextbook and Media Draft the income tax expense portion of the income statement for 2019. Begin with the line "Income before income taxes." Assume no permanent differences exist. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Cheyenne Inc.'s Income Statement (Partial) For the Year Ended December 31, 2019 V Income before Income Taxes 5900000 Income Tax Expense Current 2360000 Expenses 354000 2006000 Net Income / (Loss) V 3894000