Exerclse 16-12 (Algo) Deferred tax asset; taxable Income given; valuation allowance [LO16-4] At the end of 2020, Payne Industrles had a deferred tax asset account with a balance of $40million attributable to a temporary booktax difference of $160 million in a liability for estimated expenses. At the end of 2021 , the temporary difference is $112million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2021 is $288million 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. 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 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. Exerclse 1612 (Algo) Deferred tax asset; taxable Income glven; valuation allowance [LO16-4] At the end of 2020. Payne Industrles had a deferred tax asset account with a balance of $40 million attributable to a temporary booktax difference of $160 million in a liability for estimated expenses. At the end of 2021 , the temporary dlfference is $112 million. Payne has no other temporary dlfferences and no valuation allowance for the deferred tax asset. Taxable income for 2021 is $288 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. 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 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).) Exerclse 16-12 (Algo) Deferred tax asset; taxable Income given; valuation allowance [LO16-4] At the end of 2020, Payne Industrles had a deferred tax asset account with a balance of $40million attributable to a temporary booktax difference of $160 million in a liability for estimated expenses. At the end of 2021 , the temporary difference is $112million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2021 is $288million 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. 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 only one-fourth of the deferred tax asset ultimately will be realized. (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 wnte: Enter denits derare creaits. Exerclse 16-12 (Algo) Deferred tax asset; taxable Income glven; valuation allowance [LO16-4] At the end of 2020, Payne Industrles had a deferred tax asset account with a balance of $40 million attributable to a temporary booktax difference of $160 million in a liability for estimated expenses. At the end of 2021 , the temporary dlifference is $112 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2021 is $288million 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. 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 only one-fourth of the deferred tax asset ultimately will be realized. (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 Record valuation allowance for the end of 2021. Note: Enter debits before cred its