Tel. Il es not indicate complet 4. ints At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $60 million attributable to a temporary book- tax difference of $240 million in a liability for estimated expenses. At the end of 2021, the temporary difference is $176 million. Payne has no other temporary differences. Taxable income for 2021 is $432 million and the tax rate is 25% Payne has a valuation allowance of $24 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 will be realized in full. 2. Prepare the journal entry(s) to record Payne's Income taxes for 2021, assuming it is more likely than not that only one-fourth of the deferred tax asset ultimately will be realized. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry(s) to record Payne's income taxes for 2021, assuming it is more likely then not that the deferred tax asset will be realized in full (If no entry is required for a transaction/event, select "No journal entry required in the first account feld. Enter your answers in millions (ie., 10,000,000 should be entered as 103.) Na Credit General Journal Transaction 1 Debit 124,000,000 Income tax expense Income tax payable 108,000,000 ME GTAW Hill w 31 4. deferred tax asset ultimately will be realized. Answer is not complete. Complete this question by entering your answers in the tabs below. 2 points Required 1 Required 2 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 will be realized in full. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (.e., 10,000,000 should be entered as 10).) Credit No Transaction General Journal Debit 124,000,000 x 1 1 Income tax expense Income tax payable Deferred tax asset OOO 108,000,000 16,000,000 24,000,000 2. 2 Valuation allowance Income tax expense 24.000.000 Required 2 > ME GE HIR W 31 4 Answer is not complete. Complete this question by entering your answers in the tabs below. 2 points Required 1 Required 2 Prepare the journal etry(s) to record Payne's income taxes for 2021, assuming it is 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 rounded to 1 decimal place (.e., 5,500,000 should be entered as 5.5).) Show less No Event General Journal Dobit Credit Required 1 ME M 31 x E3