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At the end of 2023, Payne Industries had a deferred tax asset account with a balance of $75 million attributable to a temporary booktax difference of $300 million in a liability for estimated expenses. At the end of 2024 , the temporary difference is $224 million. Payne has no other temporary differences. Taxable income for 2024 is $540 million and the tax rate is 25%. Payne has a valuation allowance of $30 million for the deferred tax asset at the beginning of 2024 . Required: 1. Prepare the journal entry(s) to record Payne's income taxes for 2024 , 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 2024 , assuming it is more likely than not that only one-fourth of the deferred tax asset uitimately will be realized. Complete this question by entering your answers in the tabs below. Prepare the journal entry(s) to record Payne's income taxes for 2024, assuming it is more likely than not that the deferred tax asset will be realized in full. millions (i.e., 10,000,000 should be entered as 10). At the end of 2023, Payne industries had a deferred tax asset account with a balance of $75 million attributable to a temporary booktax difference of $300 million in a liability for estimated expenses. At the end of 2024 , the temporary difference is $224 million. Payne has no other temporary differences. Taxable income for 2024 is $540 million and the tax rate is 25%. Payne has a valuation allowance of $30 million for the deferred tax asset at the beginning of 2024 Required: 1. Prepare the journal entry(s) to record Payne's income taxes for 2024 , assuming it is more likely than not that the deferred tax asset will be realized in full. 2. Prepare the joumal entry(s) to record Payne's income taxes for 2024, assuming it is more likely than not that only one-fourth of the deferred tax asset ultimately will be realized. Complete this question by entering your answers in the tabs below. Prepare the fournal entry(s) to record Payne's income taxes for 2024, assuming it is more likely than not that only one-fourth of the deferred tax asset uitimately will be realized. Note: if no entry is reguired for a transactionvevent, select "No joumal entry required" in the first account field. Enter your answers in militions rounded to 1 decimal place (1. e. ,5,500,000 should be entered as 5.5 )

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