Help with current assets

The following information applies to the questions displayed below.] Arndt, Inc., reported the following for 2016 and 2017 ($ in millions) 2016 20 $970 2017 $990$1,029 20 Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) $1,009 $1,030 $970 Tax rate: 40% a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2016 for $60 million. The cost is tax deductible in 2016 b. Expenses include $1 million insurance premiums each year for life insurance on key executives c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2016 and 2017 were $34 million and $48 million, respectively. Subscriptions included in 2016 and 2017 financial reporting revenues were $26 million ($8 million collected in 2015 but not earned until 2016) and $34 million, respectively. Hint: View this as two temporary differences-one reversing in 2016; one originating in 2016 d. 2016 expenses included a $24 million unrealized loss from reducing investments (classified as trading e. During 2015, accounting income included an estimated loss of $3 million from having accrued a loss f. At January 1, 2016, Arndt had a deferred tax asset of $6 million and no deferred tax liability securities) to fair value. The investments were sold in 2017. contingency. The loss was paid in 2016 at which time it is tax deductible