At the end of the year, the deferred tax asset account had a balance of $21.2 million attributable to a cumulative temporary difference of $53 million in a liability for estimated expenses. Taxable income is $69.5 million. No temporary differences existed at the beginning of the year, and the tax rate is 40%. Prepare the journal entry(s) to record income taxes assuming it is more likely than not that one-fourth of the deferred tax asset will not ultimately 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)) No Event General Journal Debit Credit Income tax expense Deferred tax asset Income tax payable Income tax expense Valuation allowanceDeferred tax asset