Exercise 16-22 (Algo) Multiple temporary differences; record income taxes (L016-2, 16-3) The information that follows pertains to Richards Refrigeration, Inc: a. At December 31, 2021, temporary differences existed between the financial statement book values and the tax bases of the following: Buildings and equipment (net of accumulated depreciation) Prepaid insurance Liability-loss contingency Book Value $140 60 35 ($ in millions Future Taxable Tax (Deductible Basis Amount $100 $ 40 0 60 (35) b. No temporary differences existed at the beginning of 2021. c. Pretax accounting income was $210 million and taxable income was $145 million for the year ended December 31, 2021. The tox rate is 25% Required: 1. Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2021 2. What is the 2021 net income? Camnlate this nuntinn hu anterin neware in that he halwe