J ok At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $75 million attributable to a temporary book. tax difference of $300 million in a liability for estimated expenses. At the end of 2021, the temporary difference is $224 million. Payne has no other temporary differences. Taxable income for 2021 is $540 million and the tax rate is 25% Payne has a valuation allowance of $30 million for the deferred tax asset at the beginning of 2021 Required: 1. Prepare the journal entry(s) to record Payne's income taxes for 2021, 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 2021, assuming it is more likely than not that only one-fourth of the deferred tax asset ultimately will be realized. Chec t Complete this question by entering your answers in the tabs below. Required 1 Required 2 ences Prepare the journal entry(s) to record Payne's income taxes for 2021, assuming it is more likely than not that the deferred tax asset will be realized in full. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (1.e., 10,000,000 should be entered as 10).) View transaction list View journal entry worksheet No Transaction General Journal 1 1 Income tax expense Deferred tax asse Income tax payable 2 2 No journal entry required Required 2 > Debit Credit