At the end of 2012, Payne Industries had a deferred tax asset account with a balance of $30 million attributable to a temporary book-tax difference of $75 million in a liability for estimated expenses. At the end of 2013, the temporary difference is $70 million. Payne has no other temporary differences. Taxable income for 2013 is $180 million and the tax rate is 40%.

Payne has a valuation allowance of $10 million for the deferred tax asset at the beginning of 2013.

Required:
1.	Prepare the journal entry(s) to record Paynes income taxes for 2013, assuming it is more likely than not that the deferred tax asset will be realized.