At the end of $2023,$ Payne Industries had a deferred tax asset account with a balance of $$65$ million attributable to a temporary book$-$

tax 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 and no valuation allowance for the deferred tax asset. Taxable income for $2024$ is $$468$ 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.

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 $10).$

Journal entry worksheet

Record $2024$ income taxes.

Note: Enter debits before credits.