Exercise 16-12 (Algo) Deferred tax asset; taxable income given; valuation allowance [LO16-4] At the end of 2023, Payne industries hod a deferted tox asset account with a balance of 585 million attributable to a temporary booktax diference of $340 million in a liability for estimated expenses. At the end of 2024 , the temporary difference is 5256 miltion. Pane hos no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2024 is 5612 million and the tar rate is 25%. Required: 1. Prepare the journal entry(s) to record Payne's income toxes for 2024 , assuming it is more likely than not that the deferred tax asset will be realized in full. 2. Prepare the joumal entry(s) to record Payne's income taxes for 2024 , assuming it is more likely than not that only one-fourth of the deferred tax asset ultimotely wil be realized. Complete this question by entering vour answers in the tabs below. Prepare the joumal entry(s) to record Payne's incorne taxes for 2024, assuming it is more likely than not that the deferred tax asset will be realized in full. Note if no entry is required for a transaction/event, select. Wo journal entry required" in the first account field, Finter your ansiners if millions (4,e,10,000,000 should be entered as 10)