Corning-Howell reported taxable income in 2016 of $130 million. At December 31, 2016, 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	$	13	million	$	18	million
Prepaid insurance		26	million		0
Prepaid advertising		9	million		0
Noncurrent
Investments at fair value with changes in OCI*		5	million		0
Buildings and equipment (net)		340	million		280	million
Liabilities
Current
Liabilitysubscriptions received		15	million		0
Long-term
Liabilitypostretirement benefits		520	million		0

*Gains and losses taxable when investments are sold.

The total deferred tax asset and deferred tax liability amounts at January 1, 2016, were $220 million and $30 million, respectively. The enacted tax rate is 40% each year.

Required:

1.	Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2016

2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2016.

3. Determine the income tax payable currently for the year ended December 31, 2016

4.Prepare the journal entry to record income taxes for 2016.