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 $72 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 field. Enter your answers in millions (e., 5,500,000 should be entered as 5.5)) View transaction list Journal entry worksheet Record the income tax expense. Note: Enter debts before credits Transaction General Journal income tax expense Debat Credit 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 $72 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 field. Enter your answers in millions (.e., 5,500,000 should be entered as 5.5)) View transaction ist Journal entry worksheet Record the valuation allowance assuming it is more Skely than not that three fourths of the deferred tax asset will not ultimately be realized Net Enter de betere red Transaction General Journal Debit Credit