Quiz Company began operations in 2019. Pretax accounting income for the tax year ended in December 31, 2020 was $88 million. The amount included the following:

*Insurance expense of $14 million for one-third of a $42 million, three year liability policy that was fully deducted for tax purposes in 2020.

*Insurance expense for a $2 million premium paid for a life insurance policy that guarantees a $50 million payment upon the death of the company president. The premium is not deductible for tax purposes. The possible $50 million proceeds will not be taxable (Hint: This is a permanent difference. We talked a little about permanent differences but did not see an example in the lectures. All you do is add the $2 million to the $88 million of pretax accounting income. The $2 million, since it is a permanent difference, does not give rise to any future taxable or deductible amounts - in other words, no temporary difference to determine taxable income).

*An asset with a four-year useful life acquired in 2019 is depreciated on a straight-line basis for accounting and by MACRS for tax purposes resulting in the following accounting and tax amounts

2019: $150 million in accounting depreciation, $198 million in tax depreciation

2020: $150 million in accounting depreciation, $264 million in tax depreciation

2021: $150 million in accounting depreciation, $90 million in tax depreciation

2022: $150 million in accounting depreciation, $48 in tax depreciation

*Rental revenue of $80 million collected in 2020. An additional $20 million was collected as an advance payment for 2021 rent and properly recorded as deferred rent revenue. The entire $100 million of collections was taxable in 2020.

As of December 31, 2019, Quiz Company reported a deferred tax liability of $12 million related to the temporary difference for depreciation in 2019. Tje company had no other deferred tax liability or asset to begin 2020. The enacted tax rate was 25%.

The amount of the credit to income tax payable and to deferred tax liability in the journal entry to recognize income taxes on December 31, 2020 should be___________ and ___________.

Please answer the debit to deferred tax asset, amount to debit to income tax expense. Also, please answer question with showing the work of how the answer came to be.