help me with the 2 part 2 of the journal entry. It is asking for recording valuation allowance for the end of 2024

At the end of 2023 , Payne Industries 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 2024 , the temporary difference is $112 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2024 is $288 milion and the tax rate is 25% 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 realized in full. 2. Prepare the journal 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 ultimately will be realized. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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 realized in full. Note: if no entry is required for a transaction/event, select "Na foumal entry required" in the first account field. Enter your answors in miltions (i.e., 10,000,000 should be enterod as 10) Exercise 16-12 (Algo) Deferred tax asset; taxable income given; valuation allowance [LO16-4] At the end of 2023. Payne industries had a deferred tax asset account with a balance of $40 million attributable to a temporary booh tax difference of $160 million in a liablitiy for estimated expenses, At the end of 2024 , the temporary difference is $112 million. Payne 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 realized in full 2. Prepare the journal 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 ultimately will be realized. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare the Journal 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 ultimately will be realized. Note: If no entry is required for a transaction/event, relect "No answers in milions (Le., 10,000,000 should be entered as 10)