On December $31,20$X$0,$ Toms River Rafting, Inc. $($TRR$),$ has a deferred tax asset related to a $$250,000$ net operating loss carryforward. The enacted tax rate $($and substantively enacted tax rate$)$ at the time was $21\%.$ When it recognized this deferred tax asset, TRR expected to have sufficient earnings to utilize the loss carryforward. TRR reported pre$-$tax book income of $$100,000$ and taxable income of $$97,700$ in $20$X$1.$ However, because of a severe drought, TRR determines at December $31,20$X$1,$ that it is likely the company will only be able to realize half of the net operating loss carryforward remaining at that date.

The difference between pre$-$tax book income and taxable income in $20$X$1$ relates to a temporary difference for depreciation of property, plant, and equipment that was purchased in $20$X$1.$

At December $31,20$X$1,$ the enacted tax rate is $21\%.$ However, the substantively enacted tax rate is $25\%,$ and it is fully expected that legislation to change the tax rate to $25\%,$ effective in $20$X$2,$ will be completed in a matter of days.

Required:

Prepare the journal entries to record tax expense in $20$X$1$ under both U$.$S$.$ GAAP and IFRS