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Arnold Industries has pretax accounting income of $52 million for the year ended December 31, 2018 The tax rate is 40% The only difference between accounting income and taxable income relates to an operating lease in which Arnold is the lessee. The inception of the lease was December 28, 2018 An $12 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 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 $48 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 Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G 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 (ie., 5,500,000 should be entered as 5.5).) Tax Rate Tax $ Recorded as: (5 in millions) Pretax accounting income $ 520 Rent costs reversing in 2019 (120) 2020 30 2021 30 2022 Total deferred tax amount Income taxable in current years 0.01 55.0 XL Arnold Industries has pretax accounting income of $52 million for the year ended December 31, 2018. The tax rate is 40%. Theo difference between accounting income and taxable income relates to an operating lease in which Arnold is the lessee. The incer of the lease was December 28, 2018. An $12 million advance rent payment at the inception of the lease is tax deductible in 2018 for financial reporting purposes, represents prepaid rent expense to be recognized equally over the four-year lease term. 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 $48 million for 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. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G Required 2 Required 3 Calculation Required 36) Prepare the appropriate journal entry to record Arnold's income taxes for 2018 (no entry is required for a transaction event Beled "No journal entry required in the first account field. Enter your answers in millions rounded to 1 decimal place (i... 5,500,000 should entered as 5.5).) View transaction ist View journal entry worksheet Event NO General Journal Credit Debit 20.8 Income tax expense Income tax payable Deferred tax liability 36 (Required 1 Calculation Required 2 > 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 $48 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 Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1G) Required 2 Required 3 Calculation Required 3 G B Prepare the appropriate journal entry to record Arnold's income taxes for 2019. Pretax accounting Income was $48 million for the year ended December 31, 2019. (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 (ie, 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet Record 2019 income taxes. Note: Enter debits before credits Event General Journal Debit Credit 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 $48 million for the year ended December 31, 2019. 3. Assume a new tax law is enacted in 2019 that causes the tax rate to change from 40% to 30% beginning in 2020. Complete the following table given below and prepare the appropriate journal entry to record Arnold's income taxes for 2019. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G Required 2 Required 3 Calculation Required 3 G) Assume a new tax law is enacted in 2019 that causes the tax rate to change from 40% to 30% beginning in 2020. Complete the following table given below to record Arnold's income taxes for 2019. (Enter your answers in millions rounded to 1 decimal place ... 5,500,000 should be entered as 5.5).) ($ in millions) Tax Rate % Tax $ Recorded as: $ 00 = $ 0.01 Temporary Difference - Beginning of Year Temporary Difference - End of Year Change in Deferred Tax account Income taxable in current year $ 0.00 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 548 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 Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G) Required 2 Required 3 Calculation Required 3 G) Prepare the appropriate journal entry to record Arnold's income taxes for 2019. (If no entry is required for a transaction levent select "No journal entry required in the first account field. Enter your answers in millions rounded to 1 decimal place (ie. 5.500.000 houd entered as 5.5).) View transaction list Journal entry worksheet Record 2019 income taxes. Note: Enter debits before credits Debit Credit General Journal Event