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question At the end of 2020. Payne industries had a deferred tax asset account with a balance of $25 million attributable to a temporary book

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question At the end of 2020. Payne industries had a deferred tax asset account with a balance of $25 million attributable to a temporary book tax difference of $100 million in a lability for estimated expenses. At the end of 2021, the temporary difference is $64 million Payne has no other temporary differences. Taxable income for 2021 is $180 million and the tax rates 25% Payne has a valuation allowance of $10 million for the deferred tax asset at the beginning of 2021 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 oral entry to record Payne's income taxes for 2021 assuming it is more likely than not that only one-fourth of the Gelenetetty webe realized Aur Required 1 Required 2 Prepare the journal entry(s) to record Payne's income taxes for 2021, assuing its 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 journal entry required in the first account field. Enter your answers in millions (I... 10,000,000 should be entered as 10).) ho Event General Journal Credit Debit 54 1 Income tax expense Deferred tax asset Income tax payable 45 2 % Income tax expense Valuation allowance 150

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