At the end of the year, the deferred tax asset account had a balance of $8 million attributable to a temporary difference of $32 million in a liability for estimated expenses. Taxable income is $88 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Prepare the journal entry(s) to record income taxes, assuming it is more likely than not that three-fourths 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 fleld. Enter your answers In millions (l.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet 1 2 Record the income tax expense. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Income tax expense 2 Deferred tax asset 8 Income tax payable 30 Income tax expense Valuation allowance 3.2 3.2 Record entry Clear entry View general journal