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.