Corning-Howell reported taxable income in 2018 of $250 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 Banis Assets Current Net accounts receivable Prepaid insurance Prepaid advertising $ 16 mil1ion $ 24 mil1ion 51 million 5 million Soncurrent Investments at fair value with changes in oct Buiidingn and equipment (net) 4 nillion 480 nillion 380 million Liabilities Current iability-subscriptions zeceived 27 million Long-tem Liabilty-postretiresent benefits 645 mi11ion 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 $60 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. Complete this question by entering your answers in the tabs below