fror At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $25 million attributable to a temporary book- tax difference of $100 million in a liability for estimated expenses. At the end of 2021, the temporary difference is $64 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2021 is $180 million and the tax rate is 25% edit pany 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. ress a god and JOUR proble Complete this question by entering your answers in the tabs below. 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 realired 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 (le, 10,000,000 should be entered as 10).) Minationist 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 (.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Record 2021 income taxes. Note: Enter debits before credits Debit General Journa Event Credit of 5 111 Next > Required 1 Required 2 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 l. (If no entry is required for a transaction/event, select "No journal entry required in the first account held. Enter your answers in millions ( 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 3 Record valuation allowance for the end of 2021. Note: Enter debts before credits General Journal Debit Credit Event Required 1 Required 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. 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... 10,000,000 should be entered as 10).) points View transaction list Sipped Journal entry worksheet Record 2021 income taxes. References Note: Enter debits before credits Debit Credit General Journal Event Check Required 1 Required 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. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in milions (L., 10,000,000 should be entered as 10).) points Skloped View transaction list Journal entry worksheet Record valuation allowance for the end of 2021. Note: Enter debits before credits. Debit Credit Event General Journal
