At the end of 2020, Payne industries had a deferred tax asset account with a balance of $65 million attributable to a temporary book-tax difference of $260 million in a liability for estimated expenses. At the end of 2021, the temporary difference is $192 million. Payne has no temporary difference. Taxable incone for 2021 is $468 million and the tax rate is 25%

the end of 2020, Payne Industries had a deferred tax asset account with a balance of $65 million attributable to a temporary book x difference of $260 million in a liabliity for estimated expenses. At the end of 2021 , the temporary difference is $192 million. Payne as no other temporary differences. Taxable income for 2021 is $468 million and the tax rate is 25%. ayne has a valuation allowance of $26 million for the deferred tax asset at the beginning of 2021 . Required: 1. Prepare the journal entry(s) to record Payne's income taxes for 2021, assuming it is more likely than not that the deferred tax asset will be realized in full. 2. Prepare the journal entry(s) to record Payne's income taxes for 2021, assuming it is more llkely than not that only one-fourth of the deferred tax asset ultimately will be realized. Complete this question by entering your answers in the tabs below. Prepare the journal entry(3) to record Payne's income taxes for 2021, assuming it is more likely than not that the deferred tax asset will be realized in full. (II no entify is required for a transaction/event, select "No journal entry required" in the first accotintifield. Enter your answers in millons (i.e., 10,000,000 should be entered as 10).) Journal entry worksheet