Allmond Corporation, organized on January $3,2024,$ had pretax accounting income of $$26$ million and taxable income of $$36$ million for the year ended December $31,2024.$ The $2024$ tax rate is $25\%.$ The only difference between accounting income and taxable income is estimated product warranty costs. Assume that expected payments and scheduled tax rates $($based on recently enacted tax legislation$)$ are as follows:

$2025$ $ $2$ million $30\%$

$20263$ million $30\%$

$20273$ million $30\%$

$20282$ million $25\%$

Required:

Determine the amounts necessary to record Allmond$$s income taxes for $2024$ and prepare the appropriate journal entry.

What is Allmond$$s $2024$ net income? Also Include calculations for warenty costs years $2025-2028$ when pretax accounting income is $26$ million.