At the end of 2015, Payne Industries had a deferred tax asset account with a balance of $9 million attributable to a temporary book-tax difference of $30 million in a liability for estimated expenses. At the end of 2016, the temporary difference is $20 million. Payne has no other temporary differences. Taxable income for 2016 is $100 million and the tax rate is 30%. Payne has a valuation allowance of $1 million for the deferred tax asset at the beginning of 2016. Required: 1. Prepare the journal entry(s) to record Paynes income taxes for 2016, assuming it is more likely than not that the deferred tax asset will be realized. (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).) 2. 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. (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 5.5).)