.'ll AT&T 9:28 PM HW- Ch 16-2 Corning-Howell reported taxable income in 2016 of $110 million. At December 31, 2016, the reported amount of some assets and liabilities in the financial statements differed from their tax bases as indicated below Gains and losses taxable when investments are sold The total deferred tax asset and deferred tax liability amounts at January 1, 2016, were $220 million and $25 million, respectively. The enacted tax rate is 40% each year Required: 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2016. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) 1 Determine the increase (decrease) in the deferred tax asset and deferred tax iability accounts at December 31, 2016. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Negative amounts should be indicated with a minus sign.) Determine the income tax payable currently for the year ended December 31, 2016. (Enter your answers in millions i.e., 10,000,000 should be entered as 10).)