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At the end of the year, the deferred tax asset account had a balance of...

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Accounting

At the end of the year, the deferred tax asset account had a balance of $12 million attributable to a temporary difference of $48 million in a liability for estimated expenses. Taxable income is $116 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%.
Prepare the journal entry(s) to record income taxes, assuming it is more likely than not that three-fourths of the deferred tax asset will not 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 in millions (i.e.,10,000,000 should be entered as 10).Answer is complete but not entirely correct.
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