At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $25 million attributable to a temporary book. tax difference of $100 million in a liability for estimated expenses. At the end of 2021, the temporary difference is $64 million, Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2021 is $180 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. 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 not complete. 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 (.e., 10,000,000 should be entered as 10).) General Journal Credit NoEvent 1 Debit 54 1 Income tax expense Deferred tax asset Income taxes payable Income tax expense 4 Next