At the end of 2023, Payne Industries had a deferred tax asset account with a balance of $30 million attributable to a temporary book- tax difference of $120 million in a liability for estimated expenses. At the end of 2024, the temporary difference is $80 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2024 is $216 million and the tax rate is 25%. Required: 1. 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. 2. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet < 1 Record 2024 income taxes. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Show less A

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In the image you can look at the question . Is asking me to choose the correct answer below and fill in the answer box to complete your choice . How can I solve this type of question ?

I need help with questions 1 and 2

Could you show me to solve this problem step by step. Please

please help with the question that is attached as a picture. thanks

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Can someone help me with the part b and c please?