Exercise 16-12 (Algo) Deferred tax asset; taxable income given; valuation allowance [LO16-4] At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $105 million attributable to a temporary booktax difference of $420 million in a liability for estimated expenses. At the end of 2021 , the temporary difference is $320 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2021 is $756 million and the tax rate is 25%. Required: 1. Prepare the journal entry(s) to record Payne's income taxes for 2021 , assuming it is more likely than not that the deferred tax asset will be realized in full. 2. Prepare the journal entry(s) to record Payne's income taxes for 2021 , assuming it is more likely than not that only one-fourth of the deferred tax asset ultimately will be realized. Prepare the journal entry(s) to record Payne's income taxes for 2021 , assuming it is more likely than not that the deferred tax asset will be realized in full. (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).) Journal entry worksheet Note: Enter debits before credits. Prepare the journal entry(s) to record Payne's income taxes for 2021 , assuming it is more likely than not that only one-fourth of the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Journal entry worksheet Note: Enter debits before credits