Corning-Howell reported taxable income in 2018 of $150 million. At December 31, 2018, the reported amount of some assets and liabilities in the financial statements differed from their tax bases as indicated below: Carrying Amount Tax Basis $ $ 22 million 15 million 27 million 5 million Assets Current Net accounts receivable Prepaid insurance Prepaid advertising Noncurrent Investments at fair value with changes in OCT Buildings and equipment (net) Liabilities Current Liability-subscriptions received Long-term Liability-postretirement benefits million 400 million 290 million 18 million 545 million "Gains and losses taxable when investments are sold. The total deferred tax asset and deferred tax liability amounts at January 1, 2018, were $240 million and $50 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, 2018 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2018 3. Determine the income tax payable currently for the year ended December 31, 2018 4. Prepare the journal entry to record income taxes for 2018