Corning-Howell reported taxable income in 2024 of $164 million. At December 31, 2024, the reported amount of some assets and liabilities in the financial statements differed from their tax bases as indicated below: Assets Current Net accounts receivable Prepaid insurance Carrying Amount Tax Basis $ 52 million 64 million 48 million $ 56 million Prepaid advertising Noncurrent Investments in equity securities (fair value)* Buildings and equipment (net) Liabilities Current Deferred subscription revenue Long-term Liability-compensated future absences 48 million e 404 million 324 million 56 million 0 638 million es Gains and losses taxable when investments are sold. The total deferred tax asset and deferred tax liability amounts at January 1, 2024, were $178.25 million and $25 million, respectively. The enacted tax rate is 25% each year. Required: 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024. 3. Determine the income tax payable currently for the year ended December 31, 2024 4. Prepare the journal entry to record income taxes for 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024. Note: Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Deferred tax amounts ($ in millions) Classification Amount Deferred tax liability $ 60.00 Deferred tax asset Corning-Howell reported taxable income in 2024 of $164 million. At December 31, 2024, the reported amount of some assets and liabilities in the financial statements differed from their tax bases as indicated below: 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 "Gains and losses taxable when investments are sold. Carrying Amount Tax Basis $ 52 million $ 56 million 64 million 48 million. e 48 million 0 404 million 324 million 56 million 638 million The total deferred tax asset and deferred tax liability amounts at January 1, 2024, were $178.25 million and $25 million, respectively. The enacted tax rate is 25% each year. Required: 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024. 3. Determine the income tax payable currently for the year ended December 31, 2024. 4. Prepare the journal entry to record income taxes for 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024. Note: Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Decreases should be indicated with a minus sign. The increase (decrease) at December 31, 2024 ($ in millions) Deferred tax liability Deferred tax asset Corning-Howell reported taxable income in 2024 of $164 million. At December 31, 2024, the reported amount of some assets and liabilities in the financial statements differed from their tax bases as indicated below: Assets Current Net accounts receivable Prepaid insurance. Carrying Amount Tax Basis $ 52 million 64 million $ 56 million Prepaid advertising Noncurrent Investments in equity securities (fair value)* Buildings and equipment (net) Liabilities Current Deferred subscription revenue Long-term Liability-compensated future absences "Gains and losses taxable when investments are sold. 48 million 48 million e 404 million 324 million 56 million 638 million The total deferred tax asset and deferred tax liability amounts at January 1, 2024, were $178.25 million and $25 million, respectively. The enacted tax rate is 25% each year. Required: 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024. 3. Determine the income tax payable currently for the year ended December 31, 2024. 4. Prepare the journal entry to record income taxes for 2024. 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, 2024. Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10). income tax payable 41 million The total deferred tax asset and deferred tax liability amounts at January 1, 2024, were $178.25 million and $25 million, respectively. The enacted tax rate is 25% each year. Required: 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024. 3. Determine the income tax payable currently for the year ended December 31, 2024. 4. Prepare the journal entry to record income taxes for 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the journal entry to record income taxes for 2024. Note: 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 Record 2024 income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Income tax expense Deferred tax asset Deferred tax liability Income tax payable 41.00