Brief Exercise $16-7($Algo$)$ Valuation allowance $[$LO$16-3,16-4]$At the end of the year, the deferred tax asset account had a balance of $$16$ million attributable to a temporary difference of $$64$ million in a liability for estimated expenses. Taxable income is $$96$ 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.