Corning-Howell reported taxable income in 2021 of $160 million. At December 31, 2021, the reported amount of some assets and liabilities in the financial statements differed from their tax bases as indicated below: Carrying Amount Tax Basis $ $ 48 million 60 million 44 million 52 million 0 0 Assets Current Net accounts receivable Prepaid insurance Prepaid advertising Noncurrent Investments in equity securities (fair value) * Buildings and equipment (net) Liabilities Current Deferred subscription revenue Long-term Liability-compensated future absences 44 million 400 million 0 320 million 52 million 0 634 million 0 Gains and losses taxable when investments are sold. The total deferred tax asset and deferred tax liability amounts at January 1, 2021, were $176.25 million and $25 million, respectively. The enacted tax rate is 25% each year. 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2021. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2021. 3. Determine the income tax payable currently for the year ended December 31, 2021. 4. Prepare the journal entry to record income taxes for 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2021. (Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) Deferred tax amounts ($ in millions) Classification Amount Deferred tax liability Deferred tax asset Required: 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2021. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2021. 3. Determine the income tax payable currently for the year ended December 31, 2021. 4. Prepare the journal entry to record income taxes for 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the income tax payable currently for the year ended December 31, 2021. (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).) Income tax payable million Required 1 Required 2 Required 3 Required 4 Prepare the journal entry to record income taxes for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) View transaction list Journal entry worksheet