Wys Tayu only one-fourth of the deferred tax asset ultimately will be realized. E 16-13 (This is a variation of E 16-12, modified to assume a previous balance in the valuation allowance.) Deferred tox At the end of 2020, Payne Industries had a defcrred tax asset account with a balance of $25 million attributable asset income tax to a temporary book-tax difference of $100 million in a liability for estimated expenses. At the end of 2021, payable given; the temporary difference is $64 million. Payne has no other temporary differences. Taxable income for 2021 is previous balance $180 million and the tax rate is 25%. in valuation Payne has a valuation allowance of $10 million for the deferred tax asset at the beginning of 2021. allowance Required: LO16-4 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. 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. scoa SK