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 30 % 2020 2 million 30 % 2021 2 million 30 % 2022 3 million 20 % Required: 1. Determine the amounts necessary to record Allmonds income taxes for 2018 and prepare the appropriate journal entry. 2. What is Allmonds 2018 net income?