ercises 16-1, 16-2, 16-10, 16-15 Question 3 (of 4) 10.00 points Exercise 16-10 Deferred tax asset: taxable income given; valuation allowance Lo16-31 the end of Payne had a deferred tax asset with a balance of s34 milion attributable to a temporary book-tax difference of $85 milion in a liability for estimated expenses. At the end 2016, the temporary difference is million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. income for 2016 $1 tax rate is 1. Prepare the journal entry(s) Payne's income taxes for 2016, assuming itis more likely than not that deferred tax asset will be realized, no entry is required for a transaction/event, select "No should be entered as in the first account field. your answers in millions (ie, 10,000,000 10) view general journal Journal Entry worksheet Record 2016 income taxes General Journal MacBook Pro