Paisley, Inc. began operations in 2020. In 2020, Paisley acquired an asset for $80 million. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). For tax purposes, the asset's cost is depreciated by MACRS. The tax rate is 35%, but based on an enacted law, is scheduled to become 40% in 2022. Paisley, Inc's pretax accounting income fom the 2020 income statement was $350 million, which includes $5 million of interest revenue from an investment in municpal bonds. There were no differences between accounting income and taxable income other than those described above. Amounts for depreciation for 2020, 2021, 2022, and 2023 are as follows: ($ in millions) 2021 2022 $20 $20 $33 $15 2020 $20 $25 Depreciation on the income statement Depreciation on the tax return 2023 $20 $7 Required: 1. Prepare the appropriate journal entry to record Paisley Inc's 2020 income taxes. Show calculations 2. What is Paisley, Inc's 2020 net income