Delta Catfish Company has taken a position in its tax return to claim a tax credit of $11 million (direct reduction in taxes payable) and has determined that its sustainability is "more likely than not," based on its technical merits. Delta has developed the probability table shown below of all possible material outcomes: 10 points Probability Table (s in millions) Amount of the tax benefit that management expects to receive Percentage likelihood that the tax benefit will be sustained at this level $11 $8.8 $6.6 $4.4 $2.2 10% 20% 25% 20% 25 Skipped Delta's taxable income is $86 million for the year. Its effective tax rate is 40%. The tax credit would be a direct reduction in current taxes payable. eBook Hint Print Required 1. At what amount would Delta measure the tax benefit in its income statement? 2. Prepare the appropriate journal entry for Delta to record its income taxes for the year Complete this question by entering your answers in the tabs below Required 1 Required 2 At what amount would Delta measure the tax benefit in its income statement? (Enter your answer in millions and round your answer to 1 decimal places.) million Retulred1 Required 2 > Mc Delta's taxable income is $86 million for the year. Its effective tax rate is 40%. The tax credit would be a direct reduction in current taxes payable. Required 1. At what amount would Delta measure the tax benefit in its income statement? 2. Prepare the appropriate journal entry for Delta to record its income taxes for the year Complete this question by entering your answers in the tabs below. Book Required 1Required 2 Hint Prepare the appropriate journal entry for Delta to record its income taxes for the year. (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 1 decimal place (ie, 5,500,000 should be entered as 5.5).) ferences View transaction list EX: Import a new list 1 Record income taxes. Prew 15 of 16Next >