At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $100 million attributable to a temporary book- tax difference of $400 million in a lability for estimated expenses. At the end of 2021, the temporary difference is $304 millon. Payne has no other temporary differences. Taxable income for 2021 is $720 million and the tax 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(s) to record Payne's income taxes for 2021, assuming it is more likely than not that the deferred tax asset 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. will be realized in full