At the end of 2017, Payne Industries had a deferred tax asset account with a balance of $72 million attributable to a temporary book- tax difference of $160 million in a liability for estimated expenses. At the end of 2018, the temporary difference is $120 million. Payne has no other temporary differences. Taxable income for 2018 is $280 million and the tax rate is 45%. Payne has a valuation allowance of $18 million for the deferred tax asset at the beginning of 2018. Required: 1. Prepare the journal entry(s) to record Payne's income taxes for 2018, assuming it is more likely than not that the deferred tax asset will be realized. 2. Prepare the journal entry(s) to record Payne's income taxes for 2018, assuming it is more likely than not that one-fourth of the deferred tax asset will ultimately be realized. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below Required 1Required 2 Prepare the journal entry(s) to record Payne's income taxes for 2018, 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).) Event General Journal Debit Credit Income tax expense 144 18 C 126 Deferred tax asset Income tax payable 2 2 Valuation allowance-Deferred tax asset 18 Income tax expense 18 Answer is complete but not entirely correct Complete this question by entering your answers in the tabs below. Required 1Required 2 Prepare the journal entry(s) to record Payne's income taxes for 2018, 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).) Show lessA Event General Journal Debit Credit Income tax expense 144.0 Deferred tax asset 18.0 Income tax payable 126.0 Income tax expense Valuation allowance-Deferred tax asset 5.0