the end of the year, the deferred tax asset account had a balance of $24 million attributable to a temporary difference of $96 million a llability for estimated expenses. Taxable income is $104 million. No temporary differences existed at the beginning of the year, and me tax rate is 25%. "repare the journal entry(s) to record income taxes, assuming it is more likely than not that three-fourths of the deferred tax asset will ot ultimately be realized. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers n millions (i.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet 1 Record the income tax expense. Note: Enter debits before credits Transaction General Journal Debit Credit Income tax expense Deferred tax asset income tax payable Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 Record the valuation allowance assuming it is more likely than not that three- fourths of the deferred tax asset will not ultimately be realized. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Income tax expense Valuation allowance Record entry Clear entry View general journal