Problem 16-9 Determine deferred tax assets and liabilities (LO16-6 Corning-Howell reported taxable income in 2018 of $120 million At December 31, 2018, the reported amount of some assets and labilities in the financial statements differed from their tax bases as indicated below Prepaid adrertising Investments at fair value with changes in OCT baildings and egaipeent (set) 60 mi11ion 280 i11ion Liability-postr Gains and losses taxable when investments are sold The total deferred tax asset and deferred tax liability amounts at January 1 2018, were $250 milion and $40 milion, respectively. The enacted tax rate is 40% each year 1. Determine the total deferred tax asset and deferred tax iability amounts at December 31, 2018 2. Determine the increase (decrease) in the deferred tax asset and deferred tax Sablity accounts at December 31, 2018 3. Determine the income tax payable currently for the year ended December 31 208. 4. Prepare the journal entry to record income taxes for 2018. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Ruired 3 Reqired MacBookA 2 3 6