Required information (The following infomation applies to the questions displayed below) Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income tax return Tax rate: 257 2021 # 338 BO 18 131 2022 $1.008 810 1 190 215 . Expenses each year include $45 million from a two-year cosuolty insurance policy purchased in 2021 for $90 million The cost is tox 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 weeklyjournal. Subscription sales collected and toxable in 2021 and 2022 were $43 million and $45 million, respectively. Subscriptions included in 2021 and 2022 financial reporting revenues were $35 million ($20 million collected in 2020 but not recognized as revenue until 2021) and $43 million, respectively. Hint View this as two temporary differences-one reversing in 2021: one originating in 2021. d. 2021 expenses included a $24 million unrealized loss from reducing investments (classified os trading securities) to foir value. The investments were sold and the loss realized in 2022. e. During 2020, accounting income included on estimated loss of $16 million from having accrued a loss contingency. The loss wos paid in 2021, at which time it ie tox deductible. f. At Jonuery 1, 2021. Arndt had a deferred tax asset of $9 million and no deferred tax liability 6. Suppose that during 2022. tox legislation was passed that will lower Arndt's effective tax rote to 15%, beginning in 2023. Prepares schedule that reconciles the difference between pretax accounting income and texable income. Using the schedule, prepare the necessary journal entry to record income taxes for 2022 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Suppose that during 2022, Lax legislation was passed that will lower Arndt's effective lax Tale te 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 ia millions rounded to i decimal place (ie. 5.500.000 bhould be entered as 5.5).) (s in millions) Current Year 2022 Future Taxable Amounta [2023] Future Deductible Amounts [20231 Pretax accounting income Permanent difference bile insurance premium Temporary differences Casualty insurance (reversing) Subscriptions 2021 Subscriptions 2022 Unrealized loses traversing) Taxable income income tax return) 0.0 Enacted tax rale ) Trax payable currently Deferred la fatality Deferred lisy use Required 25 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 field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet