Allmond Corporation, organized on January 3,2024, had pretax accounting income of $29 million and taxable income of $42 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: 2025202620272028$4milison3mililon4mililon3082mililon308308254 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? 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. Determine the amounts necessary to record Alimond's income taxes for 2024. Note: 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. Journal entry worksheet Note: Enter debits before credits. 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. What is Allmond's 2024 net income? Note: Enter your answer in milions rounded to 2 decimal places (i.e, 5,500,000 should be entered as 5.50)