$*$NEED HELP with PART C$**$ Blossom Inc's only temporary difference at the beginning and end of $2024$ is caused by a $$3\mathrm{.}03$ millicn deferred gain for tax purposes

for an installment sale of a plant asset, and the related receivable $($only one$-$half of which is classified as a current asset$)$ is due in equal

installments in $2025$ and $2026.$ The related deferred tax liability at the beginning of the year is $$909,000.$ 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 $$5,050,000,$ and

taxable income is expected in all future years.

$($a$)$

Your answer is correct.

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

Deferred tax liability

Your answer is correct.

Prepare the journal entry necessary to adjust the deferred tax liability when the new tax rate is enacted into law. $($List debit entry

before credit entry. 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 tilles and enter O for the amounts.$)$

eTextbook and Media

List of Accounts

$($c$)$

Draft the income tax expense portion of the income statement for $2024.$ Begin with the line "Income before income taxes:"

Assume no permanent differences exist. $($Enter negative amounts using either a negative sign preceding the number eg$.-45$ or

parentheses eg$.(45)])$