Allmond Corporation, organized on January 3, 2021, had pretax accounting income of $17 million and taxable income of $28 million for the year ended December 31,2021 . The 2021 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: Required: 1. Determine the amounts necessary to record Allmond's income taxes for 2021 and prepare the approprlate journal entry. 2. What is Allmond's 2021 net income? Complete this question by entering your answers in the tabs below. Determine the amounts necessary to record Allmond's income taxes for 2021. (Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Enter all amounts as positive values.) Allmond Corporation, organized on January 3, 2021, had pretax accounting Income of $17 million and taxable income of $28 million for the year ended December 31,2021 . The 2021 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: Required: 1. Determine the amounts necessary to record Allmond's income taxes for 2021 and prepare the approprlate journal entry. 2. What is Allmond's 2021 net income? Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) Allmond Corporation, organized on January 3, 2021, had pretax accounting Income of $17 million and taxable income of $28 million for the year ended December 31,2021 . The 2021 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: Required: 1. Determine the amounts necessary to record Allmond's income taxes for 2021 and prepare the approprlate journal entry. 2. What is Allmond's 2021 net income? Complete this question by entering your answers in the tabs below. What is Allmond's 2021 net income? (Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).)