Exercise $16-12($Algo$)$ Deferred tax asset; taxable income given; valuation allowance $[$LO$16-4]$

At the end of $2023,$ Payne Industries had a deferred tax asset account with a balance of $$40$ million attributable to a temporary booktax difference of $$160$ million in a liability for estimated expenses. At the end of $2024,$ the temporary difference is $$112$ million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for $2024$ is $$288$ million and the tax rate is $25\%.$

Required:

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.

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 ultimately will be realized.