Bulldings and equipment (niet of accumulated depreciation) Prepaid insurance Liability-loss contingency tlook Value $120 50 25 (5 in millions) Future Taxable Tax (Deductible) Basis Amount $90 $ 30 50 e (25) b. No temporary differences existed at the beginning of 2021 c.Pretax accounting income was $200 million and taxable income was $145 million for the year ended December 31, 2021. The tax rate is 25% Required: 1. Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2021 2. What is the 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G) Required 2 Complete the following table given below to record income taxes for 2021. (Negative amounts should be entered with a minus sign. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) Tax Rate (5 in millions) $ 200.00 Tax 5 Recorded as + 200.00 $ 0.00 Pretax accounting income Permanent differences No permanent differences Income subject to taxation Temporary Differences Depreciation Prepaid insurance Liability - loss contingency Income taxable in current year X X X = $ 200.00 x Required 1 GJ > Drew 67 HHH Next >