returh questlon 6 atthe end of 2020 payne industries had deferred tax asset account with balance

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Text: Return Question 6: At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $65 million attributable to temporary differences of $260 million in liability for estimated expenses. At the end of 2021, the temporary difference is $192 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2021 is $468 million and the tax rate is 25%. Required: 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.

          Text: Return Question 6: At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $65 million attributable to temporary differences of $260 million in liability for estimated expenses. At the end of 2021, the temporary difference is $192 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2021 is $468 million and the tax rate is 25%.

Required: 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.

returh questlon 6 atthe end of 2020 payne industries had deferred tax asset account with balance of 65 million attributable to temporan doot difference of 260 million in liability fol estima 42945

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