Exercise 16-13 (Algo) Deferred tax asset; income tax payable given; previous balance in valuation allowance [LO16-4] At the end of 2023, Payne Industries had a defetred tax asset account with a balance of $80 million attributable to a temporary booktax difference of $320 milition in a llability for estimated expenses. At the end of 2024 , the temporary difference is $240 milition, Payne has no other temporary differences. Taxable income for 2024 is $576 million and the tax rate is 25%. Payne has a valuation allowance of $32 miltion for the deferred tax anset at the beginning of 2024 . Required: 1. Prepare the journal entry(s) to record Payne's income taxes for 2024, assuming it is more likely than not that the deferred tax asset will be reallzed 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 uitimately will be realized