Exercise 16-16 Change in tax rates; calculate taxable income [L016-1,16- 5] Arnold Industries has pretax accounting income of $56 million for the year ended December 31, 2018. The tax rate difference between accounting income and taxable income relates to an operating lease in which Arnold is the lessee. T of the lease was December 28, 2018. An $16 million advance rent payment at the inception of the lease is tax deductible in 2018 but for financial reporting purposes, represents prepaid rent expense to be recognized equally over the four-year lease term he inception oed Required: 1. Complete the following table given below and prepare the appropriate journal entry to record Arnold's income taxes for 2018. 2 Prepare the appropriate journal entry to record Arnold's income taxes for 2019. Pretax accounting income was $54 million for the year ended December 31, 2019 3. Assume a new tax law is enacted in 2019 that causes the tax rate to change from 40% to 30% beginning in 2020 complete the following table given below and prepare the appropriate journal entry to record Arnold's income taxes for 2019. nt ences Complete this question by entering your answers in the tabs below Required1 Calculation Required 1G) Required 2 Required 3 Calculation Required 3 G Complete the following table given below to record Arnold's income taxes for 2018. (Enter your answers in millions rounded to 1 decimal place (I.e.,5,500,000 should be entered as 5.5).)