At the end of 2020, Husky Corp. had a deferred tax asset account with a balance of $16 million, attributable to a future deductible amount of $64 million. At the end of 2021, this future deductible amount is now $80 million. Husky has no other temporary differences, and at the end of 2020, there was no Valuation Allowance associated with the deferred tax asset. Taxable income of 2021 is $200 million and the tax rate is 25%.

Prepare the journal entries to record Husky's income taxes for 2021, assuming that its more likely than not that only one-half of the deferred tax benefit will ultimately be realized.