Arndt, Inc., reported the following for 2018 and 2019 ($ in millions): 2019 $ 989$1,049 832 2018 Revenues Expenses 792 197 21 Pretax accounting income (income statement) Taxable income (tax return) $ 190 240 Tax rate : 0% a Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2018 for $60 million. The cost is tax deductible in 2018 b. Expenses Include $3 million Insurance premlums each year for lfe Insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2018 and 2019 were $30 million and $58 million, respectively. Subscriptions included in 2018 and 2019 financial reporting revenues were $32 million ($14 million collected in 2017 but not recognized as revenue until 2018) and $40 million, respectively. Hint: View this as two temporary differences-one reversing in 2018; one originating in 2018 d. 2018 expenses included a $28 million unrealized loss from reducing investments (classified as trading securities) to fair e. During 2017, accounting income included an estimated loss of $6 million from having accrued a loss contingency. The f. At January 1, 2018, Arndt had a deferred tax asset of $8 million and no deferred tax liability value. The investments were sold in 2019 loss was pald In 2018 at whlch time It is tax deductible 4. Prepare a schedule that reconciles the difference between pretax accounting income and taxable income. Using the schedule prepare the necessary journal entry to record income taxes for 2019 Complete this question by entering your answers in the tabs below Required1Required 2 Prepare a schedule that reconciles the difference between pretax accounting income and taxable income. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) ($ in millions) Current Future Taxable Future Deductible Year 2019 Amounts [2020 Amounts [2020 Pretax accounting income Life insurance premiums Temporary differences: Casualty insurance (reversing) Subscriptions-2018 Subscriptions-2019 Unrealized loss (reversing) Taxable income (income tax retum) Enacted tax rate (%) Tax payable currently Deferred tax liability Deferred tax asset Deferred tax liabili Deferred tax assets Ending balances (balances currently needed) Less: Beginning balances Changes needed to achieve desired balances