CH Delta Catfish Company has taken a position in its tax return to claim a tax credit of $150 million (direct reduction in taxes payable) and has determined that its sustainability is more likely than not." based on its technical merits. Delta has developed the probability table shown below of all possible material outcomes: Probability Table Ellion) Amount of the tax benefit that management expect to receive Percentage likelihood that the tax benefit will be sustained at this level $150 0150514B $136 134 104 20N 250 200 250 Delta's taxable income is $652 million for the year. Its effective tax rate is 25%. The tax credit would be a direct reduction in current taxes payable. Required: 1. At what amount would Delta measure the tax benefit in its income statement? 2. Prepare the appropriate journal entry for Delta to record its income taxes for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 At what amount would Delta measure the tax benefit in its income statement? (Enter your answers in millions (.e, 10,000,000 should be entered as 10).) Tax benefit $ 16 million Required Required 2 > Delta Catfish Company has taken a position in its tax return to claim a tax credit of $150 million (direct reduction in taxes payable) and has determined that its sustainability is more likely than not." based on its technical merits. Delta has developed the probability table shown below of all possible material outcomes. Probability Table 15 millions) Amount of the tax benefit that management expects to receive $150 $150 Percentage likelihood that the tax benefit will be sustained at this level 104 200 256 $148 $136 208 $134 25 Delta's taxable income is $652 million for the year. Its effective tax rate is 25%. The tax credit would be a direct reduction in current taxes payable. Required: 1. At what amount would Delta measure the tax benefit in its income statement? 2. Prepare the appropriate journal entry for Delta to record its income taxes for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry for Delta to record its income taxes for the year. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions (l.e., 5,500,000 should be entered as 5.5).) View transaction list View journal entry worksheet Credit No Event Debit 15,000,000 1 1 General Journal Income tax expense Income tax payable Liability - uncertain tax positions 13,000,000 2,000,000