Check my work D Required Information [The following information applies to the question displayed below) Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income tax return) Tax rate: 25 2021 $ 888 760 $ 128 5 116 2022 $988 860 5 180 $ 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 weeklyjournal. 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 originating in 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 At January 1, 2021. Arndt had a deferred tax asset of $4 million and no deferred tax liability 3. Compute the deferred tax amounts that should be reported on the 2021 balance sheet. (Enter your answers in millions rounded to f decimal place (.e. 5,500,000 should be entered as 5.5).) Deferred tax amounts (5 in millions) Classification Amount Checy w Required information {The following information applies to the questions displayed below) Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): Revenues Expenses Pretax accounting income income statement) Taxable income tax return) Tax rate: 25% 2021 5 888 760 $ 128 5 116 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 originating in 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 contingeney. 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, 3. Compute the deferred tax amounts that should be reported on the 2021 balance sheet (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Deferred tax amounts (sin millions) Classification Amount