Exercise 16-13 (Algo) Deferred tax asset; income tax payable given; previous balance in valuation allowance [LO16-4] At the end of 2023 . Payne industiles had a defered tax asset account with a balance of $105 million attributatile to a temporary booktax difference of $420 million in a liability for estimated expenses. At the end of 2024 , the temporary difference is $320 milition, Payme has no other temporary differences Taxable income for 2024 is $756 miltor and the tax forte 1875%. Payne has a valuition allowance of $42 mition for the deferred tax asset at the beginning of 2024 Roquired: 1. Prepare the joumal entry(s) to record Payne's income taxes 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 taves for 2024, assuming it is more likely than not that only one fourth of the deferred tax asset ultimately will be realized. Complete this question by entering your answers in the tabs below. Prepare the journat eatry(s) to record Paynes income taxes for 2024 , assuming it is more likety than not that the deferred tax asset will be realived in full. Note: if no entry is tequired for a transactionvevent, select "No joumal entry required" in the first account ficld. Enter vour answers in millions (in, 10,000,000 should be entered as 10). Journal entry worksheet 2 Noter reer debits orfore ciebus