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Allmond Corporation, organized on January 3, 2021, had pretax accounting income of $14 million and taxable income of $20 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 2023 2024 2025 $2 million 1 million 1 sillion 2 million 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? Complete this question by entering you Required 1 1 Calculation GJ Required 1 G Reguired 2 Required Determine the amounts necessary to record Allmond's income taxes for 2021. (Enter your answers in millions rounded to 1 decimal place (le, 5,500,000 should be entered as 5.5). Enter all amounts as positive values.) Recorded as Pretax accounting income Warranty costs reversing in 2022 2023 2024 2025 Tordered tax amoun Income taxabile in current years Required 1 GJ > Allmond Corporation, organized on January 3, 2021, had pretax accounting income of $14 million and taxable income of $20 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: 20% 20% 2022 2023 2024 2025 $2 million 1 million 1 million 2 million 20% 15% 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? Complete this question by entering your answers in the tabs below. Required 1 Calculation cuired 1 GE Required 2 Prepare the appropriate journal entry for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (le, 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet Record 2021 income taxes. Note Enter debts before credits Event General Journal Debit Credit Allmond Corporation, organized on January 3, 2021, had pretax accounting income of $14 million and taxable income of $20 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 zex $2 million 1 llion 1 million 2 million 20% 2015 2024 2025 Required: 1. Determine the amounts necessary to record Alimond'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 What is Almond's 2021 net income? (Enter your answer in millions rounded to 1 decimal place (e, 5,500,000 should be entered as 5.5).) I million
