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 other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2021 is $468 million and the tax rate is 25%. 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 likely than not that only one-fourth of the deferred tax asset ultimately will be realized. Answer is complete but not entirely correct. 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 2021, assuming it is more likely than not that only one-fourth of the deferred tax asset ultimately 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).) No Event General Journal Debit Credit 1 1 134 Income tax expense Deferred tax asset Income tax payable 17 117 2 2 4 X Income tax expense Valuation allowance Pecuired 1 ned