TB Problem 16-151 (Static) Brook Company has taken a... Brook Company has taken a position on its tax return to claim a tax credit of $30 million (direct reduction in taxes payable) and has determined that its sustainability is "more likely than not" based on its technical merits. Brook's management has developed the probability table shown below of all possible material outcomes: Probability rable (\$ in milions) Amount of the tax benefit that management expects to receive Percentage likelihood that the tax benefit will be suatained at this level $30 Brook's taxable income is $300 million for the year, and its effective tax rate is 25%. The tax credit would be a direct reduction in current taxes payable. Required: 1. At what amount would Brook measure the tax benefit in its income statement? 2. Prepare the appropriate journal entry for Brook to record its income taxes for the year. Complete this question by entering your answers in the tabs below. At what amount would Brook measure the tax benefit in its income statement? Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10.) Tax benefit million Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entry for Brook to record its income taxes for the year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in millions (i.e., 10,000,000 should be entered as 10.) Journal entry worksheet Record the income taxes. Note: Enter debits before credits