At the end of $2023,$ Payne Industries had a deferred tax asset account with a balance of $$50$ million attributable to a temporary booktax difference of $$200$ million in a liability for estimated expenses. At the end of $2024,$ the temporary difference is $$144$ million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for $2024$ is $$360$ million and the tax rate is $25\%.$

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.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

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 millions $($i$.$e$.,10,000,000$ should be entered as $10).$

Show less $4$