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At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $35 million attributable to a temporary book tax difference of $140 million in a liability for estimated expenses. At the end of 2021, the temporary difference is $96 million Payne has no other temporary differences and no valuation allowance for the deferred tax asset Taxable income for 2021 is $252 million and the tax rate is 25% Required: 1. Prepare the journal entryfs) 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry(s) to record Payne's income taxed 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 milions (.e. 10,000,000 should be entered os 10).) Journal entry worksheet Record 2021 income taxes. Note: Enter debts before credits Debit Credit Transaction 1 741 General Journal income tax expense Deferred to asset income tax payable 11 63 Record entry Clear entry View general Journal Required 2 > At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $35 million attributable to a temporary book tax difference of $140 million in a kabilly for estimated expenses. At the end of 2021, the temporary difference is $96 million Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2021 is $252 million and the tax rate is 25% 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 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry(s) to record Payne's income taxes for 2021, somning it is more likely than not that only one-fourth of the deferred tax asset ultimately will be realized. (If no entry is required for a transaction/event, select "No yournal entry required in the first account fiid. Enter your answers in millions (.. 10,000,000 should be entered a 10). View transactional Journal entry worksheet