Ion Corporation has income tax expense/payable for book purposes of $489,000 and $586,800 for tax purposes. Assume that Ion only will! be able to use $58,680 of any deferred tax asset with the balance expiring. Determine the amount of Ion's 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