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11 The information that follows pertains to Richards Refrigeration, Inc.: a. At December 31, 2021, temporary differences existed between the financial statement book values and the tax bases of the following: ($ in millions) Future Taxable Tax (Deductible) Basis Amount $108 $ 48 68 0 Book Value $156 68 43 Buildings and equipment (net of accumulated depreciation) Prepaid insurance Liability-loss contingency (43) b. No temporary differences existed at the beginning of 2021. c. Pretax accounting income was $218 million and taxable income was $145 million for the year ended December 31, 2021. The tax rate is 25% Required: 1. Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2021. 2. What is the 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Complete the following table given below to record income taxes for 2021. (Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Negative amounts should be entered with a minus sign.) Tax Rate % Tax $ Recorded as: ($ in millions) $ 218.00 Pretax accounting income Permanent differences 218.00 X = $ 0.00 Income subject to taxation Temporary Differences X x X Income taxable in current year $ 218.00 12 Wynn Farms reported a net operating loss of $285,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 2 Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: Taxable Income $ 85,000 95,000 205,000 40,000 2017 2018 2019 2020 Tax Rates 30% 30 40 45 Income Taxes Paid $25,500 28,500 82,000 18,000 Skipped Required: 1. NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some far related businesses. Assume Wynn is one of those businesses. Complete the table given below and prepare the journal entry to recognize the income tax benefit of the net operating loss. 2. Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating loss. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some farm- related businesses. Assume Wynn is one of those businesses. Complete the following table to recognize the income tax benefit of the net operating loss. (Enter your answers in whole dollars. Leave no cell blank, enter "0" wherever applicable. Enter all amounts as positive values.) Show less Rate % Tax $ Recorded as: Operating loss carryback Carried back - 2017 $ 0 Carried back - 2018 $ 0 = X Carried back - 2019 Carried back - 2020 Total carryback Operating loss carryforward Carried forward $ 0 Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating loss. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in whole dollars.) Income tax benefit: CA