Exercise 16-12 (Algo) Deferred tax asset; taxable income given; valuation allowance [LO164] At the end of 2020. Payne Industries had a deferred tax asset account with a balance of $65 million attributable to a temporary book-tax difference of $260 million in a liability for estimated expenses. At the end of 2021, the temporary difference is $192 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2021 is $468 million and the tax rate is 25%. 1. Prepare the joumal entry(s) to record Payne's income taxes for 2021, assuming it is more likely than not that the Required: 2. Prepare the joumal entry(s) to record Payne's income taxes for 2021, assuming it is more likely than not that only deferred tax asset will be realized in fuli. one-fourth of the deferred tax asset ultimately will be realized. Complete this question by entering your answers in the tabs below. Prepare the journal entry(s) to record Payne's income taxes for 2021 , assuming it is more likely than not that the deferre: be realized in full. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fil answers in millions (i.e., 10,000,000 should be entered as 10).) Journal entry worksheet Record 2021 income taxes