At the end of 2023 , Payne industries had a deferred tax asset account with a balance of $25 million attributable to a temporary book-tax difference of $100 milion in a liability for estimated expenses. At the end of 2024 , the temporary cifference is $64 million. Payne has no other temporary differences. Taxable income for 2024 is $180 million and the tax rate is 25%. Payne has a valuation allowance of $10 million for the deferred tax asset at the beginning of 2024 Required: 1. Prepare the journal entry(s) to record Payne's income takes for 2024 , 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 2024 , assuming it is more likely than not that only onefouth of the deferred tax asset ultimately will be realized. Complete this question by entering your answers in the tabs below. Prepare the joumal entry(s) to record Payne's income taxes for 2024, assuming it is more likely than not that the deferred tax ass be realized in fult. Note: If no entry is required for a transactionvevent, select "No journal entry required" in the first account field. Enter your answree milions (i.e, 10,000,000 should be entered as 10). Prepare the journal entry(s) to record Payne's income taxes for 2024, assuming it is more likely than not that the deferred tax asset be realized in full. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field, Enter your answers millions (he, 10,000,000 should be entered as 10). Show les Journal entry worksheet 2 Prepare the journal entry(5) to record Payne's income taxes for 2024, assuming it is more likely than not that the deferred tax ass be realized in full: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer millions (i.e., 10,000,000 should be entered as 10). Show I Journal entry worksheet Note: Enter debits before credits. Prepare the fournal entry(s) to record Payne's income taxes for 2024, assuming it is more likely than not that only one-fourth of t. deferred tax asset ultimately will be realized. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field, Enter your answer mallions (1.e, 10,000,000 should be entered as 10). Show i Journal entry worksheet 2 Note: Enter debits befare credits: Prepare the joumal entry(s) to record Payne's income taxes for 2024 , assuming it is more likely than not that only one-fourth of tr deferred tax asset uitimately will be realized. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer millions:(i.e., 10,000,000 should be entered as 10). Show I. Journal entry worksheet 1 Record valuation allowance for the end of 2024 . Note: Enter debits before credits
