Corning-Howell reported taxable income in 2018 of $290 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 $ 17 million 59 million 7 million $ 24 million 0 Assets Current Net accounts receivable Prepaid insurance Prepaid advertising Noncurrent Investments at fair value with changes in OCI* Buildings and equipment (net) Liabilities Current Liability-subscriptions received Long-term Liability-post retirement benefits 4 million 560 million 460 million 33 million 680 million "Gains and losses taxable when investments are sold. The total deferred tax asset and deferred tax liability amounts at January 1, 2018, were $300 million and $55 million, respectively. The enacted tax rate is 40% each year. Required: 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2018 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2018. 3. Determine the income tax payable currently for the year ended December 31, 2018 4. Prepare the journal entry to record income taxes for 2018 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2018. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Deferred tax amounts ($ in millions) Classification Amount Deferred tax asset Deferred tax liability