complete all required parts to the question
Exercise 16-17 (Algo) Multiple tax rates (L016-3, 16-6) Allmond Corporation, organized on January 3, 2021, had pretax accounting income of $20 million and taxable income of $30 million for the year ended December 31, 2021. The 2021 tax rate is 25%. The only difference between accounting income and taxable income is estimated product warranty costs. Assume that expected payments and scheduled tax rates (based on recently enacted tax legislation) are as follows: 2022 $3 million 2023 2 million 2024 2 million 2025 3 million 30 308 300 208 Required: 1. Determine the amounts necessary to record Allmond's income taxes for 2021 and prepare the appropriate Journal entry 2. What is Almond's 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G Required 2 Determine the amounts necessary to record Allmond's income taxes for 2021. (Enter your answers in millions rounded to 2 decimal places (l.e., 5,500,000 should be entered as 5.50). Enter all amounts as positive values.) Tax Rate Tax $ Recorded as: (s in millions) $ 20.00 Pretax accounting income Warranty costs reversing in 2022 2023 2024 X x Save & Exit Submit Homework Seved Help 1. Determine the amounts necessary to record Allmond's income taxes for 2021 and prepare the appropriate journal entry. 2. What is Allmond's 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 16) Required 2 Determine the amounts necessary to record Allmond's income taxes for 2021. (Enter your answers in millions rounded to 2 decimal places (1.6., 5,500,000 should be entered as 5,50). Enter all amounts as positive values.) (5 in millions) Tax Rato Tax 5 Recorded as: Pretax accounting income 20.00 Warranty costs reversing in 2022 2023 2024 2025 Total deferred tax amount income taxable in current year x X X NO X Required Calculation Requir Deferred tax asset Deferred tax liability Income tax expense Income tax payable Required 1 Calculation Required 1 G Required 2 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 milions rounded to 2 decimal places (t.e., 5,500,000 should be entered as 5.50).) View transaction list Journal entry worksheet Record 2021 income taxes. Note: Enter debits before credits General Journal Debit Credit Transaction 1 Record entry Clear entry View general Journal Allmond Corporation, organized on January 3, 2021, had pretax accounting income of $20 million and taxable income of $20 milion for the year ended December 31, 2021. The 2021 tax rate is 25%. The only difference between accounting income and taxable income is estimated product warranty costs. Assume that expected payments and scheduled tax rates (based on recently enacted tax legislation) are as follows: 2022 $3 million 2023 2 million 2024 2 million 2025 3 million 308 301 301 200 Required: 1. Determine the amounts necessary to record Allmond's income taxes for 2021 and prepare the appropriate Journal entry 2. What is Allmond's 2021 net income? 1 Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1G) Required 2 What is Allmond's 2021 net income? (Enter your answer lo millions rounded to 2 decimal places (le, 5,500,000 should be entered as 5.50), ) Not income million
