Do not give image format Corning-Howell reported taxable income in 2024 of $164 million. At December 31, 2024, the reported amount of some assets andliabilities in the financial statements differed from their tax bases as indicated below:Carrying AmountAssetsCurrentNet accounts receivablePrepaid insurancePrepaid advertisingNoncurrentInvestments in equity securities (fair value)*Buildings and equipment (net)LiabilitiesCurrentDeferred subscription revenueLong-termLiability-compensated future absences$ 52 million64 million48 million48 million404 million.56 million638 millionTax Basis$56 million00Complete this question by entering your answers in the tabs below.0324 million*Gains and losses taxable when investments are sold.The total deferred tax asset and deferred tax liability amounts at January 1, 2024, vlere $178.25 million and $25 million, respectively.The enacted tax rate is 25% each year.Required:1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024.2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024.3. Determine the income tax payable currently for the year ended December 31, 2024.4. Prepare the journal entry to record income taxes for 2024.Required 1 Required 2Required 3 Required 4Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024.Note: Enter your answers in millions rounded to 2 decimal places (1.e., 5,500,000 should be entered as 5.50). The total deferred tax asset and deferred tax liability amounts at January 1, 2024, were $178.25 million and $25 million, respectivelyThe enacted tax rate is 25% each year.Required:1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024.2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024.3. Determine the income tax4. Prepare the journal entry to record incly for the year ended December 31, 20242024Complete this question by entering your answers in the tabs below.Required 1 Required 2Required 3Required 4Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024.Note: Enter your answers in millions rounded to 2 decimal places (.e, 5,500,000 should be entered as 5.50).Deferred tax amounts ($ in millionsClassificationAmountDeferred tax abilityDeferred tax assetShow Transcribed TextReachedThe total deferred tax asset and deferred tax liability amounts at January 1, 2024, were $178.25 million and $25 million, respectively.The enacted tax rate is 25% each year.Required:1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024.2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 20243. Determine the income tax payable currently for the year ended December 31, 2024.4. Prepare the journal entry to record income taxes for 2024.Complete this question by entering your answers in the tabs below.The increase (decrease) at December 31, 2024Required 1Required 2 Required 3Required 4Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024.Note: Enter your answers in millions rounded to 2 decimal places (.e., 5,500,000 should be entered as 5.50). Decreasesshould be indicated with a minus sign.Show Transcribed TextRequired 2 ($in millions)Deferred tax liability Deferred tax asset638 millionThe total deferred tax asset and deferred tax liability amounts at January 1, 2024, were $178.25 million and $25 million, respectiuThe enacted tax rate is 25% each year.Required 4Required:1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024.2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024.3. Determine the income tax payable currently for the year ended December 31, 2024.4. Prepare the journal entry to record income taxes for 2024.Complete this question by entering your answers in the tabs below.

Question

Do not give image format Corning-Howell reported taxable income in 2024 of $164 million. At December 31, 2024, the reported amount of some assets andliabilities in the financial statements differed from their tax bases as indicated below:Carrying AmountAssetsCurrentNet accounts receivablePrepaid insurancePrepaid advertisingNoncurrentInvestments in equity securities (fair value)*Buildings and equipment (net)LiabilitiesCurrentDeferred subscription revenueLong-termLiability-compensated future absences$ 52 million64 million48 million48 million404 million.56 million638 millionTax Basis$56 million00Complete this question by entering your answers in the tabs below.0324 million*Gains and losses taxable when investments are sold.The total deferred tax asset and deferred tax liability amounts at January 1, 2024, vlere $178.25 million and $25 million, respectively.The enacted tax rate is 25% each year.Required:1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024.2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024.3. Determine the income tax payable currently for the year ended December 31, 2024.4. Prepare the journal entry to record income taxes for 2024.Required 1 Required 2Required 3 Required 4Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024.Note: Enter your answers in millions rounded to 2 decimal places (1.e., 5,500,000 should be entered as 5.50). The total deferred tax asset and deferred tax liability amounts at January 1, 2024, were $178.25 million and $25 million, respectivelyThe enacted tax rate is 25% each year.Required:1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024.2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024.3. Determine the income tax4. Prepare the journal entry to record incly for the year ended December 31, 20242024Complete this question by entering your answers in the tabs below.Required 1 Required 2Required 3Required 4Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024.Note: Enter your answers in millions rounded to 2 decimal places (.e, 5,500,000 should be entered as 5.50).Deferred tax amounts ($ in millionsClassificationAmountDeferred tax abilityDeferred tax assetShow Transcribed TextReachedThe total deferred tax asset and deferred tax liability amounts at January 1, 2024, were $178.25 million and $25 million, respectively.The enacted tax rate is 25% each year.Required:1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024.2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 20243. Determine the income tax payable currently for the year ended December 31, 2024.4. Prepare the journal entry to record income taxes for 2024.Complete this question by entering your answers in the tabs below.The increase (decrease) at December 31, 2024Required 1Required 2 Required 3Required 4Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024.Note: Enter your answers in millions rounded to 2 decimal places (.e., 5,500,000 should be entered as 5.50). Decreasesshould be indicated with a minus sign.Show Transcribed TextRequired 2 >($in millions)Deferred tax liability Deferred tax asset638 millionThe total deferred tax asset and deferred tax liability amounts at January 1, 2024, were $178.25 million and $25 million, respectiuThe enacted tax rate is 25% each year.Required 4Required:1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2024.2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2024.3. Determine the income tax payable currently for the year ended December 31, 2024.4. Prepare the journal entry to record income taxes for 2024.Complete this question by entering your answers in the tabs below.< Required 2Required 1Required 2 Required 3Determine the income tax payable currently for the year ended December 31, 2024.Note: Enter your answer in millions (.e., 10,000,000 should be entered as 10).Income tax payablemillion@Required 4 >

Accepted Answer

Deferred tax assets (DTA) and liabilities (DTL) account for temporary differences between accounting…