Use the information from the Basic Illustration EXCEPT that a new tax rate was enacted and changed in 20X4 Calculation of DIT 20X1 20X220X3 20X4 20X5 0 288,000 216,000 144,00072,0000 .44,667> | 66,012-|-64012-1 38,685> | -O 243,333 149,988 79,988 33,315 NBV - T/R - Table 2 NBV - F/S - Table 3 depreciation difference tax rate cumulative DITx tax rate increase> or decrease in DIT 33% 21,124> 660 37% 14,313> 37% 331 14,740> 33% 21,784> 14,740> | 7,044> | | | 0 6,811 14,313 Calculation of Income Tax Payable 20X1 Book Inc Before Tax80,00082,000 84,00086,00088,000420,000 depreciation diff Taxable Income tax rate Income Tax Payable 20X220X320X420X5 Total 2,000 | 25,327| 38,685 37% .44,667> | -0 35,333 60,655 86,000 111,327 126,685420,000 3310 33%| 33%| 37% 11,66020,016 28,38041,19146,873 148,120 Journal entry (debit and ) 0X120X2 20X3 20X420X5 Income Tax Expense26,400 27,06027,72034,38032,560 DIT Income Tax Payable | | 20,016> .46,873. Book Inc Before Tax80,00082,00084,00086,000 88,000 effective tax rate 33.00% 33.00% 33.00% | 39.98% | 37.00% 6606,81114,313 In the space below, TYPE your explanation in words and a supporting calculation on WHy (i.e., what caused the effective rate in 20X4 to be 39.98% rather than 37% Be sure your calculation shows how the 39.98% is determined-this does NOT mean your answer is "you divide Income Tax Expense by Book Income Before Tax". The "issue" to address is WHy this does not yield an answer of 37%, or even 33% What makes it 39.98% in 20X4