At the end of 2017, Payne Industries had a deferred tax asset account with a balance of $28 million attributable to a temporary book- tax difference of $80 million in a liability for estimated expenses. At the end of 2018, the temporary difference is $40 million. Payne has no other temporary differences. Taxable income for 2018 is $140 million and the tax rate is 35%. Payne has a valuation allowance of $5 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. Complete this question by entering your answers in the tabs below. Required 1 Required 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).)