Deferred Taxes (15 points): The information below pertains to Ocean Co. for 2021, its first year of operations: For the current year temporary differences existed between the financial statement carrying amounts and the tax basis of the following: Buildings & equipment Liability-loss contingency Book Amount Tax Basis $ 70,000,000 $ 50,000,000 S (5.000.000) S Difference 20,000,000 (5,000,000) No temporary differences existed at the beginning of the year. Pretax accounting income was $450,000,000 and taxable income was $435,000,000 for the year and the tax rate is 25%. Required: Prepare the journal entry for 2021 taxes. Show any work below as necessary. Extra Credit (+3 points): Complete the follolving highlighted cells. Account Name Debit Credit Income before income taxes Income tax expense Net income Effective tax rate