At the end of 2015, Payne Industries had a deferred tax asset account with a balance of $36 million attributable to a temporary booktax difference of $90 million in a liability for estimated expenses. At the end of 2016, the temporary difference is $80 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2016 is $150 million and the tax rate is 40%.

Prepare the journal entry(s) to record Paynes income taxes for 2016, assuming it is more likely than not that one-fourth of the deferred tax asset will ultimately be realized.