27 is wrong!

At the end of 2017, Payne Industries had a deferred tax asset account with a balance of $36 million attributable to a temporary book-tax difference of $90 million in a liability for estimated expenses. At the end of 2018, the temporary diference is $80 millior Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2018 is $150 million and the tax rate is 40%. Required: 1. Prepare the journal entry(s) to record Payne's income taxes for 2018, assuming it is more likely than not that the deferred tax asset will be realized. 2. Prepare the journal entry/(s) to record Payne's income taxes for 2018, assuming it is more likely than not that one-fourth of the deferred tax asset will ultimately be realized. Complete this question by entering your answers in the tabs below. No Event General Journal Debit Income tax expense Deferred tax asset 64 Income tax payable 60 2 2 Income tax expense 27 27 Valuation allowance-Deferred tax asset