7 points) Problem2 For 2018, its first year of operations, INSIGHT Corporation's reconciliation of pretax accounting income to taxable income is as follows: 300,000 Pretax accounting income Permanent difference 285,000 20,000 305,000 Temporary difference-Estimated Warranty Expense Taxable income INSIGHT's tax rate is 40%. INSIGHT determined that it was more likely than not that 30% of the deferred tax asset ultimately would not be realized. Prepare a journal entry (entries) to record the company's tax provision for the year 2018. 5 points) a. Account Description Debit Credit Workings b. What is the net income on the income statement for the year ended December 31, 2018? (2 points)