Cullumber Corporation's only temporary difference at the beginning and end of $2024$ is caused by a $$2\mathrm{.}10$ million litigation accrual

that is expected to be settled in $2026.$ The related deferred tax asset at the beginning of the year is $$840,000.$ In the third quarter of

$2024,$ a new tax rate of $20\%$ is enacted into law and is scheduled to become effective for $2026.$ Taxable income for $2024$ is $$6,090,000,$

and taxable income is expected in all future years.

$($a$)$

Your answer is correct.

Determine the amount reported as a deferred tax asset at the end of $2024.$

Deferred tax asset $

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$($b$)$

Prepare the journal entry $($if any$)$ necessary to adjust the deferred tax asset 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. List debit entry before credit entry.$)$