Exercise 16-10 Deferred tax asset; taxable income given; valuation allowance [L At the end of 2015, 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 2016, the temporary difference is $70 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2016 is $170 million and the tax rate is 40% Required: 1. Prepare the journal entry(s) to record Payne's income taxes for 2016, assuming it is more likely than not that the deferred tax asset will be realized. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e, 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Record 2016 income taxes. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal 2. Prepare the journal entry(s) to record Payne's income taxes for 2016, assuming it is more lkely than not that answers in millions (ie. 10.000,000 should be entered as 10).) is r for