help with the ones i got wrong. thank you (:

Exercise 16-13 (Algo) Deferred tax asset; income tax payable given; previous balance in valuation allowance (L016-4) At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $35 million attributable to a temporary book- tax difference of $140 million in a liability for estimated expenses. At the end of 2021, the temporary difference is $96 million, Payne has no other temporary differences. Taxable income for 2021 is $252 million and the tax rate is 25% Payne has a valuation allowance of $14 million for the deferred tax asset at the beginning of 2021 Required: 1. Prepare the journal entry(s) to record Payne's income taxes for 2021, 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 2021, assuming it is more likely than not that only one-fourth of the deferred tax asset ultimately will be realized. Required 1 Required 2 Prepare the journal entry(s) to record Payne's income taxes for 2021, assuming it is more likely than not that the deferred tax asset will be realized in full. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in milions (.e., 10,000,000 should be entered as 10).) No Transaction General Journal Debit Credit 1 Income tax expense 48 Deferred tax asset 44 Income tax payable 63 - 2 2. Deferred tax asset Income tax expense 14 14 Required 2 > Prepare the journal entry(s) to record Payne's income taxes for 2021, assuming it is more likely than not that only one-fourth of the deferred tax asset ultimately will be realized. (If no entry is required for a transactidn/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (1.e., 5,500,000 should be entered as 5.5).) Show less No Event General Journal Debit Credit 1 1 48 X Income tax expense Deferred tax asset Income tax payable 44 3 63 2 2 Income tax expense Deferred tax asset x 4