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1 The information that follows pertains to Richards Refrigeration, Inc. a. A December 31, 2021, temporary differences existed between the financial statement book values and
1 The information that follows pertains to Richards Refrigeration, Inc. a. A December 31, 2021, temporary differences existed between the financial statement book values and the tax bases of the following: cos Future Taxable Dedetible) Mount 32 52 1271 Book Tax Val DARI $124 $92 52 27 0 Buildings and equipment net of accumulated depreciation Prepaid Insurance Liability-Ross contingency b. No temporary differences existed at the beginning of 2021 c. Pretax accounting income was $202 million and taxable income was $145 million for the year ended December 31, 2021. The tax rate is 25% Required: 1. Complete the following table given below and prepare the approprinte journal entry to record income taxes for 2021 2. What is the 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G Required 2 Complete the following table given below to record income taxes for 2021. (Enter your answers in millions rounded to 2 decimal places (.. 5,500,000 should be entered as 5.50). Negative amounts should be entered with a minus sign.) Tax Rates = Thx Recorded (5 in miliona $ 202.00 Protax accounting income Permanent differences 202.00 X $ 0.00 X Income subject to taxation Tergnary Differences Depreciation Prepaid insurance Liability - os contingency Income taxable in current year x X - $ 202.00
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