4. Folkeston Products Corp. accounting records provide the following Information a. At December 31, 2021, temporary differences ested between the financial statement book values and the bases of the following: Te Valu 156 68 43 muildings and equipoant (net of accumulated depreciation) Prepaid Liability-lows contingency 3109 0 (63) b. No temporary differences existed at the beginning of 2021, c. Pretax accounting income was $218 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 appropriate 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. App + Q Chapter 12 concepts questions F X Required Calculator di Regud 2 Complete the following table given below to record income taxes for 2021. (En your 1,500,000 should be entered as 5,50). Negative amounts should be arter 218.00 Protax accounting income Permanent ditinrenons Income subject to taxation Temporary Differences Depreciation Prepaid insurance Liability - lost contingency Proy 24 of 30 Next > (1) WhatsApp X Chapter 12 concepts questions F X .com 4 Red 1 a are the appropriate louma try required in the mountad er you 5.80) View transaction lit Journal entry worksheet Record 2021 Income taxes, Note Enter debits before credits Debit Credit Transaction General Journal Required: 1. Complete the following table given below and prepare the appropriate journalenry to record 2021. 2. What is the 2021 net income? Complete the question by entering your answers in the the below Required 1 Calculation Required 1 G Required 2 What is the 2021 net income? (Enter your answer in milions raunded to 2 decimal places )... 5,500,000 as 5.50).) Nat income million