Arnold Industries has pretax accounting income of $168 million for the year ended December 31, 2024. The tax rate is 25%. The only difference between accounting income and taxable income relates to an operating lease in which Arnold is the lessee. The inception of the lease was December 28, 2024. An $144 million advance rent payment at the inception of the lease is tax-deductible in 2024 but, for financial reporting purposes, represents prepaid rent expense to be recognized equally over the four-year lease term. Required: 1. Complete the following table given below and prepare the appropriate journal entry to record Arnold's income taxes for 2024. 2. Prepare the appropriate journal entry to record Arnold's income taxes for 2025. Pretax accounting income was $220 million for the year ended December 31, 2025. 3. Assume a new tax law is enacted in 2025 that causes the tax rate to change from 25% to 15% beginning in 2026. Complete the following table given below and prepare the appropriate journal entry to record Arnold's income taxes for 2025. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Required 3 Calculation Required 3 GJ Prepare the appropriate journal entry to record Arnold's income taxes for 2025. Required 1 Calculation Required 1 GJ Required 2 Required 3 Calculation Required 3 GJ Complete the following table given below to record Arnold's income taxes for 2024. Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). ($ in millions) Tax Rate % Pretax accounting income $ 168.0 Rent costs reversing in: 2025 2026 2027 2028 X = X = X = X = Total deferred tax amount Income taxable in current year $ 168.0 X = II > 1 Record the income taxes for 2024. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit 1 Record 2025 income taxes. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Required 3 Calculation Required 3 GJ Assume a new tax law is enacted in 2025 that causes the tax rate to change from 25% to 15% beginning in 2026. Complete the following given below to record Arnold's income taxes for 2025. Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Amounts to be deducted shoul indicated with a minus sign. ($ in millions) Tax Rate % Tax $ Recorded as: X $ 0.0 X = $ 0.0 Temporary Difference - Beginning of Year Temporary Difference End of Year Change in Deferred Tax account Income taxable in current year X < Required 2 = $ 0.0 Required 3 GJ > Show 1 Record the income taxes for 2025. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit