civen E 16-43 (This is a variation of E 1612, modified to assume a previous balance in the valuation allowance.) Deferred tax At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $25 million attributable asset; income tax 10 a temporary book-tax difference of $100 million in a liability for estimated expenses. At the end of 2021, payable given; the temporary difference is $64 million. Payne has no other temporary differences. Taxable income for 2021 is previous balance $180 million and the tax rate is 25%. in valuation Payne has a valuation allowance of $10 million for the deferred tax asset at the beginning of 2021. slowance 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. 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. Tcs Scanned with CamScanner