Determine the amounts necessary to record income taxes for 2024 and prepare the journal entry. What is 2024 net income?Calculate the ending balances in the deferred tax asset and liability? Deferred tax asset 2,000,000 Deferred tax liabili 1,250,000 Tax rate 25% Nisqually, Inc. reported pretax accounting income of $66 million for 2024. The following information relates to differences between pretax accounting income and taxable income: Income from the sale of property included in pretax income in 2024 was $10 million and the installment method will be used. Income collected in 2024 was $4 million. The remainder will be collected evenly in 2025 and 2026. The company was assessed a penalty of $1 million by the Environmental Protection Agency for violation of federal law in 2024. The fine is to be paid in equal amounts in 2024 and 2025. Nisqually prepared the following depreciation records: 2023 2024 2025 2026 Book 13 13 13 13 Tax 17 23 8 4 Warranty expense reported in 2024 was $4 million. Actual costs in 2024 were $3.5 milli In 2024, Nisqually accrued an expense and related liability for estimated future absences of $15 million related to the company's new paid leave policy. Payments are estimated to be $8 million in 2025 and $7 million in 2026. During 2023, the company recorded a loss estimated at $6 million and the related loss contingency liability. The loss was paid in 2024. Balance Sheet items include: Deferred tax asset 2000000 Deferred tax liability 1250000 Tax rate 25%

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1 Turnover for the fiscal year 2022 is expected to increase by twenty percentQuarterly sales distrib... View the full answer