It the end of 2023, Payne Industries had a deferred tax asset account with a balance of 560 millon attibutable to a kempoary bood. ax difference of $240 million in a liability for estimated expenses. Al the end of 2024, the termporary difference s si76 millon Parme. nas no other temporary differences. Taxable income for 2024is$432 million and the taxrale is 256 . Payne has a valuation allowance of $24 million for the deferred tax asset at the beginning of 2024 . Required: 1. Prepare the journal entry(s) to record Payne's income taxes for 2024 , assuming it is more ihely than ox that the shenedt os asset will be realized in full. the deferred tax asset ultimately will be realized. Complete this question by entering your answers in the tabs below