Allmond Corporation, organized on January 3, 2024, had pretax accounting income of $34 million and taxable income of $44 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 $4 million 30% 2026 2027 2028 Required: 2 million 30% 2 million 30% 2 million 25% 1. Determine the amounts necessary to record Allmond's income taxes for 2024 and prepare the appropriate journal entry. 2. What is Allmond's 2024 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation General Journal Required 2 Determine the amounts necessary to record Allmond's income taxes for 2024. Note: Enter your answers in millions rounded to 2 decimal places (Le, 5,500,000 should be entered as 5.50), Enter all amounts as positive values Description Pretax accounting income Warranty costs reversing in Amount (in millions) Tax Rate Tax (in millions) $ 34.00 2025 2026 2027 2028 Total deferred tax amount Income taxable in current year $ 34.00 $ 0.00 Recorded as Prepare the appropriate journal entry. Note: 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). View transaction list Journal entry worksheet 1 Record 2024 income taxes. Note: Enter debits before credits. Transaction 1 General Journal Debit. Credit Allmond Corporation, organized on January 3, 2024, had pretax accounting income of $34 million and taxable income of $44 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 $4 million 30% 2026 2027 2 million 30% 2 million 30% 2 million 25% 2028 Required: 1. Determine the amounts necessary to record Allmond's income taxes for 2024 and prepare the appropriate journal entry. 2. What is Allmond's 2024 net income? Complete this question by entering your Assessment Tool frame is below. Required 1 Calculation General Journal Required 2 What is Allmond's 2024 net income? Note: Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Net Income million