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At December 31,2025, Blossom Corporation had a deferred tax liability of $319,600, resulting from future...

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Accounting

At December 31,2025, Blossom Corporation had a deferred tax liability of $319,600, resulting from future taxable amounts of
$1,880,000 and an enacted tax rate of 17%. In May 2026, a new income tax act is signed into law that raises the tax rate to 20% for
2026 and future years.
Prepare the journal entry for Blossom to adjust the deferred tax liability. (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 titles and
enter O for the amounts.)
Account Titles and Explanation
Debit
Credit
image

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