Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income tax return) Tax rate: 250 2021 $ 888 760 $ 128 $ 116 2022 $ 980 800 $ 180 $ 200 a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2021 for $60 million, The cost is tax deductible in 2021. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2021 and 2022 were $33 million and $35 million respectively. Subscriptions included in 2021 and 2022 financial reporting revenues were $25 million ($10 million collected in 2020 but not recognized as revenue until 2021) and $33 million, respectively. Hint View this as two temporary differences-one reversing in 2021; one originatingin 2021 d. 2021 expenses included a $14 million unrealized loss from reducing investments (classified as trading securities) to fair value. The investments were sold and the loss realized in 2022. e. During 2020, accounting income included an estimated loss of $6 million from having accrued a loss contingency. The loss was paid in 2021, at which time it is tax deductible. f. At January 1, 2021, Arndt had a deferred tax asset of $4 million and no deferred tax liability 4 of 6 5 02:01:42 Prepare deducted should be indicated with a minus sign. Enter your answers in millions (l.e., 10,000,000 should be Current Future Taxable Future Deductible ($ in millions) Year 2022 Amounts [2023] Amounts (2023] Pretax accounting income Permanent difference: Life insurance premiums 2 0 0 Temporary differences: Casualty insurance (reversing) Subscriptions-2021 0 Subscriptions-2022 0 Unrealized loss (reversing) 0 Taxable income (income tax return) 2 0 Enacted tax rate (%) 25% 25% 25% Tax payable currently Deferred tax liability Deferred tax asset Book Print erences 0 Required 2 > 2 Required 1 Required 2 Prepare the necessary journal entry to record income taxes for 2022. (If no entry is required for a transaction/event, se entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 show 5.5).) View transaction list View journal entry worksheet No Transaction General Journal Dobit Credit 1 1 Income tax expense Deferred tax liability