On December 31, 2021, Winston Inc. has determined that it is more likely than not that $258000 of a $611000 deferred tax asset will not be realized. The journal entry to record this reduction in asset value will include a O debit to Income Tax Payable of $258000. O credit to the Allowance to Reduce Deferred Tax Asset to Expected Realizable Value of $258000. O credit to Income Tax Expense for $353000. debit to Income Tax Expense for $353000

On December 31,2021 , Winston Inc. has determined that it is more likely than not that $258000 of a $611000 deferred tax asset will not be realized. The journal entry to record this reduction in asset value will include a debit to Income Tax Payable of $258000. credit to the Allowance to Reduce Deferred Tax Asset to Expected Realizable Value of $258000. credit to Income Tax Expense for $353000. debit to Income Tax Expense for $353000