At the end of $2023,$ Payne Industries had a deferred tax asset account with a balance of $$80$ million attributable to a temporary book$-$tax difference of $$320$ million in a liability for estimated expenses. At the end of $2024,$ the temporary difference is $$240$ million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for $2024$ is $$576$ million and the tax rate is $25\%.$

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.

$1.$ Record $2024$ income taxes.

$2.$ Record valuation allowance for the end of $2024.$

$2.$ 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.

$1.$ Record $2024$ income taxes.

$2.$ Record valuation allowance for the end of $2024.$