At the end of the year, the deferred tax asset account had a balance of $$12$ million attributable to a temporary difference of $$48$ million in a liability for estimated expenses. Taxable income is $$116$ 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.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in millions $($i$.$e$.,10,000,000$ should be entered as $10).$Answer is complete but not entirely correct.