Recording Multiple Temporary differences, Change in Enacted Tax Rate Wittco Company reports pretax GAAP income in 2020, its first year of operations, of $100,000. Temporary differences in the GAAP basis and tax basis of assets arose in 2020 from the following two sources. Prepayment of 2021 rent in the amount of $24,000 in 2020. An installment sale totaling $36,000, with cash collections expected in two equal amounts in 2022 and 2023. The enacted tax rates are 25% in 2020, 30% in 2021, and 40% in 2022 and thereafter. The enacted tax rates are 25% in 2020, 30% in 2021, and 40% in 2022 and thereafter. Required a. Record the income tax journal entry on December 31, 2020. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Note: If the journal entry includes an extra line that is not required, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero) in the very last row of the journal entry. Date Cr. Account Name Dr. Dec 31, 2020 Income Tax Expense Ox Deferred Tax Liability 0 Income Tax Payable OX b. Record the income tax journal entry on December 31, 2020, assuming that a new tax law is passed in 2020 decreasing the tax rate to 20% for 2020 and all years thereafter. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Note: If the journal entry includes an extra line that is not required, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero) in the very last row of the journal entry. Dr. Cr. Date Account Name Dec 31, 2020 Income Tax Expense Deferred Tax Liability Income Tax Payable 0X 0 0 X