ca re Deferred Tax Asset-Valuation Allowance (a Illustration: Callaway Corp. has a deferred tax asset balance of $150,000 at the end of 2017 due to a single cumulative temporary difference of $375,000. At the end of 2018 this same temporary difference has increased to a cumulative amount of $500,000. Taxable income for 2018 is $850,000. The tax rate is 40% for all years. No valuation account is in existence at the end of 2017 Instructions Assuming that it is more likely than not that $30,000 of the deferred tax asset will not be realized, prepare the journal entries required for 2018