please explain how you get deferred tax asset.

thank you!

k my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate Required information [The following information applies to the questions displayed below! Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): 2022 980 Revenges Expenses Pretax accounting income income statement) Taxable income tax return) Tax rate: 250 2021 S888 760 $ 128 $ 116 $ 180 200 a. Expenses each year include $30 million from a two-year casualty Insurance policy purchased in 2021 for $60 million The cost is tax deductible in 2021. b. Expenses include $2 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 2021 and 2022 were $33 million and $35 million, respectively. Subscriptions included in 2021 and 2022 financial reporting revenues were $25 million $10 million collected in 2020 but not recognired as revenue until 2021) and $33 milion, respectively. Hint View this as two temporary differences-one reversing in 202t one originating in 2021 d. 2021 expenses included a $14 million unrealized loss from reducing investments (cassified as trading securities to fair value. The investments were sold and the loss realized in 2022 e. During 2020, accounting income included an estimated loss of $6 million from having accrued a loss contingency. The loss was paid in 2021, at which time it is tax deductible. At January 1, 2021, Arndt had a deferred tax asset of $4 million and no deferred tax liability MacBook Air 4. Prepare a schedule that reconciles the difference between pretax accounting income and taxable income. Using the sched 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. (If no entry is required for a transaction/event, select "No journal entry required in the first account feld. Enter your answers in millions rounded to 1 decimal place (ie., 5,500,000 should be entered as 5.5).) No Transaction Debit Credit Deferred tax lability Deferred tax asset 380 Income taxes payable 50.00 MacBook Air code W LL