Company A, organized on January 1 2020, had pretax accounting income of $28 million and taxable income of $50 million for the year ended December 31, 2020. The 2020 tax rate is 20%. The only difference between accounting income and taxable income is estimated product warranty costs. This difference is expected to reverse equally over the next 3 years. Assume that scheduled tax rates (based on recently enacted tax legislation) are as follows: 20% in 2021, 25% in 2022 and 2023.

What is Company A's 2020 net income? format(XX.XX) - 2 decimal places