Can i have help with getting the debit and credit amounts for income tax expense and valuation allowance?

this is the first part of the question.

the questions are 1 and 2 in the required section.

HW Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $50 million attributable to a temporary book- tax difference of $200 million in a liability for estimated expenses. At the end of 2021, the temporary difference is S millon Payne has no other temporary differences. Taxable income for 2021 is 360 million and the tax rate is 25% Payne has a valuation allowance of $20 million for the deferred tax asset at the beginning of 2021 Required: 1. Prepare the journal entry(s) to record Payne's income taxes for 2021, assuming it is more likely than not that the deferred tax asset will be realized in full. 2. Prepare the journal entry's) to record Payne's income taxes for 2021, assuming it is more likely than not that only one fourth of the deferred tax asset ultimately will be realized. Answer is complete but not entirely co Complete this question by entering your answers in the tabs below. Prepare the journal entry(s) to record Payne's Income taxes for 2021, assuming of the deferred tax asset mately will be realized. (If no entry is required for recured in the first account field. Enter your answers in millions rounded to entered as 5.53 is more likely than an activement place that only one fourth les journal entry 09.000 should be General Journal de Income tax expense Deered tax asset Income tax payable www. Next > At the end of 2020, Payne Industries had a deferred tax asset account with a balance of someonattnbutable to a temporary book. tax difference of $200 million in a liability for estimated expenses. At the end of 2021, the temporary difference is $144 million Payne has no other temporary differences. Taxable income for 2021 is $360 million and the tax rate is 25% Payne has a valuation allowance of $20 million for the deferred tax asset at the beginning of 2021 Required: 1. Prepare the journal entry(s) to record Payne's income taxes for 2021, assuming it is more likely than not that the deferred tax asset will be realized in full. 2. Prepare the journal entry(s) to record Payne's income taxes for 2021, assuming it is more likely than not that only one fourth of the deferred tax asset ultimately will be realized. Answer is complete but not entirely Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry(s) to record Payne's income taxes for 2021. surning it is more likely than not that the deferred tax asset will be realized in full. If no entry is required for a transaction/evant. Nelact Joul antry required in the first account field. Enter your answers in millions (.e., 10,000,000 should be entend a 10):) General Journal Deb Credit Income tax expense Income tax payable Deferred to asset Valuation allowance 200 Income tax expense Required 2 >