asked you to provide You are the new accounting manager at the Barry Transport Company Your CFO has input on the company's income tax position based on the following for the year ended 1 Pretax accounting income was $56 millon and taxable income was $12 million December 31, 2016 2 The difference was due to three items a. Tax depreciation exceeds book depreciation by $40 million in 2016 for the business complex acquired that year. This amount is scheduled to be $60 million in 2017 and to reverse as ($50 million) and ($5o million) in 2018, and 2019, respectively b Insurance of $8 million was paid in 2016 for 2017 coverage C. A $4 million loss contingency was accrued in 2016, to be paid in 2018 3 No temporary differences existed at the beginning of 2016 4 The tax rate is 40% Required 1. Determine the amounts necessary to record income taxes for 2016 and prepare the appropriate journal entry (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 1 decimal place (ie 5,500,000 should be entered as 5.5). View transaction list View journal entry worksheet No Event General Journal Debit Credit Income tax expense Deferred tax asset Deferred tax liability ncome tax payable