At the end of $2023,$ Payne Industries had a deferred tax asset account with a balance of $$95$ million attributable to a temporary book$-$tax difference of $$380$ million in a liability for estimated expenses. At the end of $2024,$ the temporary difference is $$288$ million. Payne has no other temporary differences. Taxable income for $2024$ is $$684$ million and the tax rate is $25\%.$

Payne has a valuation allowance of $$38$ million for the deferred tax asset at the beginning of $2024.$

Required:

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.

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.