Can you please explain this question with right answer. please

ezto.mheducation.com MyCourses@CCSU - Blackboard Learn Connect Course Hero

MyCourses@ccsu - (Back Blackboard Learn ezto.mheducation.com Connect This window shows your responses and what was marked correct and incorrect from your previous attempt. Course Hero The information that follows pertains to Richards Refrigeration, Inc.: a. At December 31, 2021, temporary differences existed between the financial statement book values and the tax bases of the following: 1.51/1.66 points awarded Buildings and equipment (net Prepaid insurance Liabilityloss contingency ($ in millions) of accumulated deprecia t ion ) B 00k Val ue $122 51 Tax Basis $91 Future Taxable ( Deductible ) Amoun t $ 31 (26) b. No temporary differences existed at the beginning of 2021. c. Pretax accounting income was $201 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 Required 1 G] Required 2 Calculation Prepare the appropriate joumal entry to record income taxes for 2021. (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 2 decimal places (i .e., 5,500,000 should be entered as 5.50)) No Transaction General Joumal Income tax expense Deferred tax asset Income tax payable Deferred tax liability < Required I Calculation Debit 5025 e 625 Credit 3825 e 20.25 Required 2