Brief Exercise 16-7 (Static) Valuation allowance [LO16-3, 16-4] At the end of the year, the deferred tax asset account had a balance of $4 million attributable to a temporary difference of $16 million in a liability for estimated expenses. Taxable income is $60 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