At the end of $2023,$ Payne Industries had a deferred tax asset account with a balance of $$65$ million attributable to a temporary booktax difference of $$260$ million in a liability for estimated expenses. At the end of $2024,$ the temporary difference is $$192$ million. Payne has no other temporary differences. Taxable income for $2024$ is $$468$ million and the tax rate is $25\%.$

Payne has a valuation allowance of $$26$ 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.

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

Required $1$

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.

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 rounded to $1$ decimal place $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$

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$\backslash$table$[[$No$,$Event,General Journal,Debit,Credit$],[1,1,$Income tax expense,$134,],[,,$Deferred tax asset,,$17],[,,$Income tax payable,,$117]]$