Corning-Howell reported taxable income in 2018 of $210 million. At December 31, 2018, the reported amount of some assets and labilities In the financlal statements differed from their tax bases as Indicated below: carrying Amount Tax Basis Assets Current Net accounts receivable Prepaid insurance Prepaid advertising $ 12 mi1lion $ 16 mi11iom 42 million 8 milllion Noncurrent Investments at tair value with changes in ocI Buildings and equ pment (net) 5 million 500 million 380 ni11ion Liabilities Current Liability-gubecriptions received 26 mi1lion tern ability-postretlrement benefits 600 mi11ion Gains and losses taxable when investments are sold. The total deferred tax asset and deferred tax Iliability amounts at January 1, 2018, were $265 million and $66 million, respectively. The enacted tax rate is 40% each year. Required: 1. Determine the total deferred tax asset and deferred tax llablity amounts at December 31, 2018. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax llability 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2018. (Enter millions (Le., 10,000,000 should be entered as 10).) your answers in tax amounts (S in Classification Deferrod tax asset Doferred tax liability Amount