Exercise 14-23 (Algorithmic) (LO. 5) In its books, Ion Corporation reports income tax expense and income tax payable of $282,080 and $352,600, respectively. Assume that Ion will be able to use only $42,312 of any deferred tax asset, with the balance expiring unused. Determine the amount of Ion's deferred tax asset and any necessary valuation allowance, and construct the appropriate journal entry that Ion would record. Ion will record a deferred tax asset of $ and a valuation allowance of $ JOURNAL DATE Description Post. Ref. Debit Credit Income tax expense (provision) Deferred tax asset Income tax payable Valuation allowance