At the end of 2020. Payne Industries had a deferred tax esset account with a balance of $100 million attributable to a temporary book- tax difference of $400 million in a liability for estimated expenses. At the end of 2021, the temporary difference is $304 million. Payne has no other temporary differences, Taxable income for 2021 is $720 million and the tex rate is 25%. Payne has a valuation allowance of $40 million for the deferred tax asset at the beginning of 2021. Required: 1. Prepare the journal entry) 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 foumal entry's) to record Payne's income taxes for 2021. assuming it is more likely than not the only one-fourth of the deferred tax asset ultimately will be realized. Complete this question by entering your answers in the tabs below. Required Required 2 Prepare the journal entry(s) to recard Payne's income taxes for 2021, suming it is more likely than not that only one fourth of the deferred to asset ultimately will be malzed. If no entry is recuired for transactian/event, lect"No journal entry required in the first account field. Enter your answers in millions rounded to decimal leie, 5,500,000 should be entered as 55).) View transaction list View journal entry worksheet Debit Crede No Event General Journal ST 1 1 57 Inaume taxe Deferred tax ist