Exercise 16-10 Deferred tax asset; taxable income given; valuation allowance [LO16-3] At the end of 2017, Payne Industries had a deferred tax asset account with a balance of $30 million attributable to a temporary book- tax difference of $75 million in a liability for estimated expenses. At the end of 2018, the temporary difference is $70 million Payne has noter temporary differences and no valuation alowance for the deferred tax asset. Taxable income for 2018 is $180 milion and the tax rate is 40% 40 1 Prepare the journal entrysl to record Payne's income taxes for 2018, assuming t is more ely thn not that the deferred tax asset will be realized 2. Prepare the journal entryls) to record Payne's income taxes for 2018, assuming it is more likely than not that one-fourth of the dleferred tax asset wil utimately be resized. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry(s) to record Payne's ncome taxes for 2018, assumingis more kely than not that the deferred tax asset be realized: cir no entry is requred for transaction/event, select "N0journal entry reeared-in the first account held. Enter your answers in millions (.e.. 10,000,000 should be entered as 10)-) Journal entry worksheet Prev1o4 Next> MacBook 2 20 p