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At the end of 2023 , Payne Industries had a deferred tax asset account with a balance of $120 million attributable to a temporary booktax difference of $480 million in a liability for estimated expenses. At the end of 2024 , the temporary difference is $368 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2024 is $864 million and the tax rate is 25%. 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. Answer is complete but not entirely correct. 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. 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 ). At the end of 2023 , Payne Industries had a deferred tax asset account with a balance of $120 million attributable to a temporary book tax difference of $480 million in a liability for estimated expenses. At the end of 2024 , the temporary difference is $368 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2024 is $864 million and the tax rate is 25%. 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. Answer is complete but not entirely correct. 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 only one-fourth of the deferred tax asset uitimately will 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)

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