Allmond Corporation, organized on January 3, 2018, had pretax accounting Income of $20 million and taxable income of $30 million for the year ended December 31, 2018. The 2018 tax rate is 35%. The only difference between accounting income and taxable income! is estimated product warranty costs. Expected payments and scheduled tax rates (based on recent tax legislation) are as follows: 2019 $3 million 2020 2 million 2021.2 million 20223 million 308 30 300 200 Required: 1. Determine the amounts necessary to record Allmond's income taxes for 2018 and prepare the appropriate journal entry. 2. What is Allmond's 2018 net income