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Boyas Industries reported a deferred tax liability of $7.5 million for the year ended December 31,2023 , related to a temporary difference of $30 million. The tax rate was 25%. The temporary difference is expected to reverse in 2025 , at which time the deferred tax liability will become payable. There are no other temporary differences in 2023-2025. Assume a new tax law is enacted in 2024 that causes the tax rate to change from 25% to 20% beginning in 2025 . (The rate remains 25% for 2024 taxes.) Taxable income in 2024 is $80 million. Required: 1. Determine the effect of the change and prepare the appropriate journal entry to record the company's income tax expense in 2024. 2. Is Boyas required to revise prior years' financial statements as a result of the change? 3. Is Boyas required to provide a disclosure note to report the change? Complete this question by entering your answers in the tabs below. Determine the effect of the change and prepare the appropriate journal entry to record the company's income tax expense in 2024 Note: if no entry is required for a transactionvevent, select "No fournal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (1.e, 5,500,000 should be entered as 5.5 ). Journal entry worksheet

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