Ion Corporation has income tax expense/payable for book purposes of $414,600 and $497,520 for tax purposes. Assume that Ion only will be able to use $49,752 of any deferred tax asset with the balance expiring. Determine the amount of Ions deferred tax asset and valuation allowance, and construct the appropriate journal entry that Ion would record.

As a result, Ion will record a deferred tax asset of $ ________ and a valuation allowance of $__________ .

JOURNAL DATE Description Post. Ref. Debit Credit