At the end of $2023,$ Payne Industries had a deferred tax asset account with a balance of $$45$ million attributable to a temporary book$-$

tax difference of $$180$ million in a liability for estimated expenses. At the end of $2024,$ the temporary difference is $$128$ million. Payne

has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for $2024$ is $$324$ 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.

Answer is complete but not entirely correct.

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

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