Check my won At the end of 2020, Payne Industries had a deferred tox asset account with a balance of $85 million attributable to a temporary book tax difference of $340 million in a liability for estimated expenses. At the end of 2021, the temporary difference is $256 million Payne has no other temporary differences. Texable income for 2021 is $612 million and the tax rate is 25% Payne has a valuation allowance of $34 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, Complete this question by entering your answers in the tabs below. Required: Required 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. (If no entry is required for a transaction/event, select "No journal entry required in the first account field Enter your answers in millions rounded to 1 decimal place, 5,500,000 should be entered as 5.5) View transaction ist View journal entry worksheet Det Credit General Journal Event No + 1 Income tax expense 13 of 30 E! MacBook . * da 3 - C 9 II & 7 O # % 5 $ 4 8 6 N 3 P O U 1 Y T R W E . H . J F S D M N 00 V C X N alt 26 alt H command optio- command are the journal entry(s) to record Payne's income taxes for 2021, assuming it is more likely than not that the de ealized in full. (If no entry is required for a transaction/event, select "No journal entry required in the first acco wers in millions (I.e., 10,000,000 should be entered as 10).) ew transaction list View journal entry worksheet No Transaction General Journal Credit Debit 174 1 1 Income tax expense Income tax payable Deferred tax asset 153 21 2 2 No Transaction Recorded Required Required 2 > MacBook DW 2.0 F3 888 & P4 FS 22 A + # 3 $ 4 % 5 & 7 ( 9 8 0 6 U o E Y R T J G H D F K Required Required 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. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions rounded to 1 decimal place (le, 5,500,000 should be entered as 5.5).) View transaction list View Journal entry worksheet No General Journal Debat Credit Event 1 1 174 Income tax expense Income tax payable Deferred tax asset 153 21 45 2 2 Income tax expenso Valuation allowance 48 MacBook la DO ! DM ce 30 23 SIE 286 ES PE . A - % 5 WR & 7 - 0 6 8 9 4 U 0 P Y T W R E J L S F G D N M . B C alt H # command and
