At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $115 million attributable to a temporary book- tax difference of $460 million in alability for estimated expenses. At the end of 2021, the temporary difference is $352 million. Payne has no other temporary differences, Taxable income for 2021 s $828 million and the tax rate is 25% Payne has a valuation allowance of $46 million for the deferred tax asset at the beginning of 2021 Required: 1. Prepare the journal entryts) 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 uitmately will be realized 3 Answer is not complete Complete this question by entering your answers in the tabs below. Prepare the journal entry) to record Payne income taxes for 2021, assuming it is more likely than not that the deferred tax set will be realized in full tlf ng entry required for a transaction event, select No journal entry required in the first account field. Enter your answers in millions Le 10.000.000 should be entered as 10 o ransaction Required 2 > At the end of 2020. Payne Industries had a deferred tax asset account with a balance of $115 million attributable to a temporary book tax difference of $460 million in a liability for estimated expenses. At the end of 2021, the temporary difference is $352 million Payne has no other temporary differences. Taxable income for 2021 is $828 million and the tax rate is 25% Payne has a valuation allowance of 546 million for the deferred tax asset at the beginning of 2021 Required: 1. Prepare the journal entrys 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 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 not complete. Complete this question by entering your answers in the tabs below. Red Required Prepare the journal entry) to record Payne's income taxes for 2021. assuming is more likely than not that only one-fourth of the deferred tax in ultimately will be realized. (If no entry is required for transaction event select a journal entry required in the first accountfield Enter your answers in millon rounded to I decimal place fie 5.500.000 should be entered as 5.5)