Problem 15-9 [Algo] Determine deferred tax assets and liabilities from book-tax differences; financial statement effects [LO162, 16-3] CorningHowell reported taxable Income In 2024 of $124 million. At December 31. 2024, the reported amount of some assets and liabilities In the nancial statements differed from their tax bases as Indicated below: Carrying Amount Tax Basis Assets Current Het accounts receivable S 12 million 5 16 million Prepaid insurance 24 million 0 Prepaid advertising 8 million 0 Moncurrent Investments in equity securities (fair value)* 8 million 0 Buildings and equipment (net) 364 million 234 million Liabilities Current Deferred subscription revenue 16 million 9 Longterm Liabilitycompensated future absences 598 million 9 x GBIHS and losses taxable when INVESIITIEHLS are sold. The total deferred ta): asset and deferred tax liability amounts at January 'I, 2024. were $158.25 million and $25 million, respectively. The enacted tax rate Is 25% each year. Required: 1. Determine the total deferred ta): asset and deferred tax liability amounts at December 31. 2024. 2. Determine the Increase {decrease} In the deferred tax asset and deferred tax liability accounts at December 31. 2024. 3. Determine the Income tax payable currently for the year ended December 31. 2024. 4. Prepare thelournal entry to record Income taxes for 2024. The total deferred tax asset and deferred tax liability amounts at January 1, 2024, were $158.25 million and $25 million, respectively. The enacted tax rate is 25% each year. Required: 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024. 3. Determine the income tax payable currently for the year ended December 31, 2024. 4. Prepare the journal entry to record income taxes for 2024. x Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024. Note: Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Deferred tax amounts ($ in millions Classification Amount Deferred tax liability 30.00 Deferred tax asset 154.50 Required: 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024. 3. Determine the income tax payable currently for the year ended December 31, 2024. 4. Prepare the journal entry to record income taxes for 2024. x Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024. Note: Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Decreases should be indicated with a minus sign. ($ in millions) Deferred tax Deferred tax liability asset The increase (decrease) at December 31, 2024 $ 5.00 S (3.75) Required: 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024. 3. Determine the income tax payable currently for the year ended December 31, 2024. 4. Prepare the journal entry to record income taxes for 2024. * Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the income tax payable currently for the year ended December 31, 2024. Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10). Income tax payable $ 61 X million Required 2 Required 4 >Required: 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024. 3. Determine the income tax payable currently for the year ended December 31, 2024. 4. Prepare the journal entry to record income taxes for 2024. x Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the journal entry to record income taxes for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). No Transaction General Journal Debit Credit Income tax expense 58.35 x Deferred tax asset 3.75 Deferred tax liability 5.00 Income tax payable 49.60 x