Corning$-$Howell reported taxable income in $2024$ of $$200$ million. At December $31,2024,$ the reported amount of some assets and

Ilabilitles in the financlal 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 llability amounts at January $1,2024,$ were $$196\mathrm{.}25$ million and $$25$ million, respectlvely.

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

Required:

Determine the total deferred tax asset and deferred tax llability 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.

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 $5\mathrm{.}50).$Corning$-$Howell reported taxable income in $2024$ of $$200$ 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:

Carrying Amount Tax Basis

Assets

Current

Net accounts receivable $ $88$ million $ $92$ million

Prepaid insurance $100$ million $0$

Prepaid advertising $84$ million $0$

Noncurrent

Investments in equity securities $($fair value$)*$Footnote asterisk $84$ million $0$

Buildings and equipment $($net$)440$ million $360$ million

Liabilities

Current

Deferred subscription revenue $92$ million $0$

Long$-$term

Liability$$compensated future absences $674$ million $0$

$*$Footnote asteriskGains and losses taxable when investments are sold.

The total deferred tax asset and deferred tax liability amounts at January $1,2024,$ were $$196\mathrm{.}25$ million and $$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 $2024.$