Corning$-$Howell reported taxable income in $2024$ of $$196$ million. At December $31,2024,$ the reported amount of some assets and

liabilities in the financial statements differed from their tax bases as indicated below:

${?}^{**}$ Gains and losses taxable when investments are sold.

The total deferred tax asset and deferred tax liability amounts at January $1,2024,$ were $$194\mathrm{.}25$ million and $$25$ million, respectively.

The enacted tax rate is $25\%$ each year.

Required:

Determine the total deferred tax asset and deferred tax liability amounts at December $31,2024.$

Determine the increase $($decrease$)$ in the deferred tax asset and deferred tax liability accounts at December $31,2024.$

Determine the income tax payable currently for the year ended December $31,2024.$

Prepare the journal entry to record income taxes for $2024.$

Complete this question by entering your answers in the tabs below.

Required $1$

Required $3$

Required $4$

Determine the total deferred tax asset and deferred tax liability amounts at December $31,2024.$

Note: Enter your answers in millions rounded to $2$ decimal places $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}50).$