$($Deferred Tax Asset with and without Valuation Account$)$ NovaSci, Inc. has a deferred tax asset account with a balance of $$255,000$ at the end of $2024$ due to a single cumulative temporary difference. At the end of $2025$ this same temporary difference has decreased to a cumulative amount of $$750,000.$ Taxable income for $2025$ is $$650,000.$ The tax rate is $20\%$ for all years. No valuation account related to the deferred tax asset is in existence at the end of $2024.$

Instructions

$($a$)$ Record income tax expense, deferred income taxes, and income taxes payable for $2025,$ assuming that it is more likely than not that the deferred tax asset will be realized.

$($b$)$ Assuming that it is more likely than not that one$-$half of the deferred tax asset will not be realized, prepare the journal entry at the end of $2025$ to record the valuation account.

$($a$)$

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$($b$)$