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: "Gains and losses taxable when investments are soid. 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 assdt and deferred tax liability amounts ot 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. Determine the total deferred tax asset and deferred tax liability amounts at December 31,2024, "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. 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) "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. 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. "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. 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). Complete this question by entering your answers in the tabs below. 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 miltions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50 ). Journal entry worksheet Note: enter debits berore crears