Homework Help Save&Exit Subm Exercise 16-10 Deferred tax asset: taxable income given; valuation allowance [L016-3 At the end of 2017, Payne Industries had a deferred tax asset account with a balance of $28 miltion attributable to a temparary book- tax difference of $70 million in a liability for estimated expenses. At the end of 2018, the temporary difference is $60 mililion. Payne has no other temporary differences and no valuation allowance for the deferred tax asset Taxable income for 201 S16S milion and the tax rate is 40%. 1. Prepare the journal entrys) to record Payne's income taxes for 2018, assuming it is more lkely than not that the defcered tex asset will be realized 2. Prepare the jounal entry(s) to record Payne's income taxes for 2018, assuming it is more likely than not that one-fou th ct deferred tax asset will ultimately be realized Complete this question by entering your answers in the tabs belovw Required 3 Required 2 Prepare the journal entry(s) to record Paynes income taxes for 201, assuming it is more likely than not that one-fourth of the deferred tax asset wil ultimately be realized. (Lf no entry is required for a t " in the first account fheld. Enter your answers in mitions (0,10,000,000 shoukd be entered as 10).) Journal entry worksheet MacBook Pro 0 2 3