Deferred tax asset; taxable income given; valuation allowance

At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $38 million attributable to a temporary book-tax difference of $95 million in a liability for estimated expenses. At the end of 2021, the temporary difference is $85 million. Payne has no other temporary differences. Taxable income for 2021 is $240 million and the tax rate is 40%.

Payne has a valuation allowance of $11 million for the deferred tax asset at the beginning of 2021.

Required:

Prepare the journal entry(s) to record Payne's income taxes for 2021, assuming it is more likely than not that one-fourth of the deferred tax asset will ultimately be realized.