At the end of 2010, Payne Industries had a deferred tax asset account with a balance of $30 million attributable to a temporary book–tax difference of $75 million in a liability for estimated expenses. At the end of 2011, the temporary difference is $70 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2011 is $180 million and the tax rate is 40%. Prepare the journal entry(s) to record Payne’s income taxes for 2011, assuming it is more likely than not that one-half of the deferred tax asset will ultimately be realized.