Taxes 2 Seved Help Save & Exit Submit Check my work At the end of 2017, Payne Industries had a deferred tax asset account with a balance of $36 million attributable to a temporary book- tax difference of $90 million in a liability for estimated expenses. At the end of 2018, the temporary difference is $80 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2018 is $150 million and the tax rate is 40%. 0.07 points Required 1. Prepare the journal entry(s) to record Payne's income taxes for 2018, assuming it is more likely than not that the deferred tax asset will be realized. 2. Prepare the journal entry(s) to record Payne's income taxes for 2018, assuming it is more likely than not that one-fourth of the deferred tax asset will ultimately be realized. eBook Hint Print Complete this question by entering your answers in the tabs below Required Required 2 Prepare the journal entry(s) to record Payne's income taxes for 2018, assuming it is more likely than not that one-fourth of the deferred tax asset will ultimately 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.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Record 2018 income taxes. Mc Graw Hill K Prev 1 of 8 Next > ED cation.com Taxes 2 Saved Help Save & Exit Submit Check my work At the end of 2017, Payne Industries had a deferred tax asset account with a balance of $36 million attributable to a temporary book- tax difference of $90 million in a liability for estimated expenses. At the end of 2018, the temporary difference is $80 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2018 is $150 million and the tax rate is 40%. 0.07 points Required 1. Prepare the journal entrys) to record Payne's income taxes for 2018, assuming it is more likely than not that the deferred tax asset will be realized. 2. Prepare the journal entry(s) to record Payne's income taxes for 2018, assuming it is more likely than not that one-fourth of the deferred tax asset will ultimately be realized. eBook Hint Complete this question by entering your answers in the tabs below References Required1 Required 2 Prepare the journal entry(s) to record Payne's income taxes for 2018, assuming it is more likely than not that the deferred tax asset 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.e., 10,000,000 should be entered as 10).) view transaction list Journal entry worksheet Record 2018 income taxes Mc Graw