I need help with this question. Please answer both requirements.

Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income tax return) Tax rate: 25% 2021 $ 954 810 $ 144 $ 90 2822 $1,646 856 $ 180 $ 214 a. Expenses each year include $72 million from a two-year casualty Insurance policy purchased in 2021 for $144 million. The cost is tax deductible in 2021 b. Expenses include $2 million Insurance premiums each year for life insurance on key executives e. Arndt sells one-year subscriptions to a weekly Journal Subscription sales collected and taxable in 2021 and 2022 were $73 million and $89 million, respectively. Subscriptions included in 2021 and 2022 financial reporting revenues were $67 million ($52 million collected in 2020 but not recognized as revenue until 2021) and $73 million, respectively. Hint View this as two temporary differences--one reversing in 2021: one originating in 2021 d 2021 expenses included a $56 million unrealized loss from reducing Investments (classified as trading securities to fall Value: The Investments were sold and the loss realized in 2022 e. During 2020. accounting income included an estimated loss of $45 million from having accrued a loss contingency The loss was paid in 2021 at which time it is tax deducuble At January 1, 2021. Anot nad a deferred tex asset of S4 million and no deferred tax liability 6. Suppose that ouring 2022 to legislation was passed that will lower Amor's effective tax rate to 15 beginning in 2023. Prepare a schedule that reconciles the difference between dretax accounting income and loxable income. Using the schedule, prepare the necessar ouma entry to record income taxes for 2022 Required 1 Required 2 Suppose that during 2022, tax legislation was passed that will lower Arndt's effective tax rate to 15% beginning in 2023. Prepare a schedule that reconciles the difference between pretax accounting income and taxable income. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (1.6, 5,500,000 should be entered as 5.5).) Is in millions) Current Year 2022 Future Taxable Amounts 52023] Future Deductible Amounts 20231 180.0 20 Prelax accounting income Permanent difference: Life insurance premiums Temporary differences, Casualty insurance (reversing) Subscriptions-2021 Subscriptions-2022 Unrealized loss reversing Taxable income income tax return 30.0 X 718.0) 20.0 140) 200.0 289 X 2596 2596 500 Enacted tax rate 96 Tax payable currently Deferred tax ability 75 23 80 x Deferred tax asset So6 6. Suppose that during 2022, tax legislation was passed that will lower Arndt's effective tax rate to 15% beginning in 2023. Prepare a schedule that reconciles the difference between pretax accounting income and taxable income. Using the schedule, prepare the necessary Journal entry to record income taxes for 2022 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the necessary journal entry to record income taxes for 2022. (lfno antry required for a transaction/event, select Ne journal entry required in the first account field. Enter your answers in millions rounded to 1 decimal place is 5.500.000 should be entered as 5.5) No Transaction General Journal Debit Credit Required