Chapter 16 Pre-Built Problems G Search Google or type a URL Chapter 16 Pre-Built Problems Seved Help Save & Exit Submit Check my work 11 At the end of 2017, Payne Industries had a deferred tax asset account with a balance of $26 million attributable to a temporary book f $65 millon In a llability for estlmated expenses. At the end of 2018, the temporary difference Is $60 millon. Payne has orary differences and no valuation allowance for the deferred tax asset. Taxable income for 2018 is $220 million and the tax difference lax rale is 40oa 0 paints Required: journal entry(s) to record Payne's income taxes for 2018, assuming it is more likely than not that the deferred tax asset eBook 2. Prepare the journal entryls) to record Payne's income taxes for 2018, assuming it is more likely than not that one fourth of the Hint deferred tax asset will ultimately be realized. Print Relerences Complete this question the tabs below. entering your answers in Required 1 Required Prepare the journal entry(s) to record Payne's income be realized. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Enter your answers In mill lons (1.e., 10,00o0,000 should be entered as 10).) 2018, assuming it is more likely than not that the deferred tax asset will es View transaction list Journal entry worksheet 1 2 Record 2018 Income taxes. Steam View Friends Games Heo hcRealOniChann X 5:37 PM O Type here to search 7/1/2019