Corning-Howell reported taxable income in 2018 of $240 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 Assets Current Net accounts receivable $ 15 million $ 22 million Prepaid insurance 46 million 0 Prepaid advertising 7 million 0 Noncurrent Investments at fair value with changes in OCI* 7 million 0 Buildings and equipment (net) 460 million 370 million Liabilities Current Liabilitysubscriptions received 23 million 0 Long-term Liabilitypostretirement benefits 640 million 0 *Gains and losses taxable when investments are sold. The total deferred tax asset and deferred tax liability amounts at January 1, 2018, were $280 million and $55 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.