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Exercise 1613 (Static) Deferred tax asset; income tax.payable given; previous balance in valuation allowance [LO16-4] At the end of 2023, Payne industries had a deferred tax asset account with a balance of $25 million attributable to a temporary booktax difference of $100 million in a liability for estimated expenses. At the end of 2024 , the temporary difference is $64 million. Payne has no other temporary differences. Taxable income for 2024 is $180 miltion and the tax rate is 25%. Payne has a valuation allowance of $10 million for the deferred tax asset at the beginning of 2024 Required: 1. Prepare the journal entry(s) to record Payne's income taxes for 2024 , assuming it is more likely than not that the deferred tax asset will be realized in full. 2. Prepare the journal entry(s) to record Payne's income taxes for 2024 , assuming it is more likely than not that only one-fourth of the deferred tax asset ultimately will be realized. Complete this question by entering your answers in the tabs below. Prepare the journat entry(s) to record Payne's income taxes for 2024, assuming it is more likely than not that the deferred tax asset will be realized in full. Note: if no entry is required for a transaction/event, select "No fournal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Show less. 1. Prepare the journal entry(s) to record Payne's income taxes for 2024 , assuming it is more likely than not that the deferred tax asset will be realized in full. 2. Prepare the journal entry(s) to record Payne's income taxes for 2024, assuming it is more likely than not that only one-fourth of the deferred tax asset ultimately will be realized. Complete this question by entering your answers in the tabs below. Prepare the journal entry(s) to record Payne's income taxes for 2024, assuming it is more likely than not that the deferred tax asset will be realized in full. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in miltions (1.e., 10,000,000 should be entered as 10). Show less A Journal entry worksheet 1. Prepare the journal entry(s) to record Payne's income taxes for 2024 , assuming it is more likely than not that the deferred tax asset will be realized in full. 2. Prepare the journal entry(s) to record Payne's income taxes for 2024, assuming it is more likely than not that only one-fourth of the deferred tax asset ultimately will be realized. Complete this question by entering your answers in the tabs below. Prepare the journal entry(s) to record Payne's income taxes for 2024, assuming it is more likely than not that the deferred tax asset will be realized in full. Note: If no entry is required for a transaction/event, select "No journat entry required" in the first account field. Enter your answers in militions (1.e., 10,000,000 should be entered as 10). Show less A Journal entry worksheet Record valuation allowance for the end of 2024 . Nohe: finter debits before credits. 1. Prepare the journal entry(s) to record Payne's income taxes for 2024 , assuming it is more likely than not that the deferred tax asset will be realized in full. 2. Prepare the journal entry(s) to record Payne's income taxes for 2024 , assuming it is more likely than not that only one-fourth of the deferred tax asset ultimately will be realized. Complete this question by entering your answers in the tabs below. Prepare the journal entry(s) to record Payne's income taxes for 2024, assuming it is more likely than not that only one-fourth of the deferred tax asset ultimately will be realized. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in militions (i.e., 10,000,000 should be entered as 10). Show less A Required: 1. Prepare the journal entry(s) to record Payne's income taxes for 2024 , assuming it is more likely than not that the deferred tax asset will be realized in full. 2. Prepare the journal entry(s) to record Payne's income taxes for 2024 , assuming it is more likely than not that only one-fourth of the deferred tax asset uttimately will be realized. Complete this question by entering your answers in the tabs below. Prepare the journal entry(s) to record Payne's income taxes for 2024, assuming it is more likely than not that only one-fourth of the deferred tax asset ultimately will be realized. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Enter your answers in mittions (t.e., 10,000,000 should be entered as 10). Show lets a Journal entry worksheet