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 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 tax rate is 25%. Payne has a valuation allowance of $40 million for the deferred tax asset at the beginning of 2021.

Prepare the journal entry(s) to record Payne's income taxes for 2021, assuming it is more likely than not that only one-four 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 rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Show less No Event General Journal Credit Debit 204 1 1 Income tax expense Deferred tax asset Income tax payable 24 180 N N 19 Income tax expense Valuation allowance >> 19