Brief Exercise $16-7($Algo$)$ Valuation allowance $[$LO$16-3,16-4]$

At the end of the year, the deferred tax asset account had a balance of $\backslash (\backslash$$ $24\backslash )$ million attributable to a temporary difference of $\backslash (\backslash$$ $96\backslash )$ million in a liability for estimated expenses. Taxable income is $\backslash (\backslash$$ $136\backslash )$ million. No temporary differences existed at the beginning of the year, and the tax rate is $\backslash (25\backslash \%\backslash ).$

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 $10).$

Journal entry worksheet

Record the income tax expense.

Note: Enter debits before credits.