Required information The following information applies to the questions displayed below! Arndt, Inc. reported the following for 2021 and 2022 ($ in millions 5928 Revenge penses Peetex ac in fine statement Table) 16 100 110 314 a. Expenses each year include 544 milion from a two-year casualty Insurance policy purchased in 2021 for $88 million The cost is tax deductible in 2021. b. Expenses include $2 million insurance premiums each year for the insurance on key executives C Amat sells one-year subscriptions to a weekly journal. Subscription sales collected and faxable in 2021 and 2022 were $45 million and $61 million, respectively. Subscriptions included in 2021 and 2022 financial reporting revenues were $39 million (524 million collected in 2020 but not recognized as revenue until 2021, and $45 million, respectively. Hint View this as two temporary differences--one reversing in 202t one originating in 2021 d.2021 expenses included a $28 million unrealized loss from reducing Investments (classified 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 518 million from having accrued a loss contingency. The loss was paid in 2021, at which time it is tax deductible t. At January 1, 2021. Arndt had a deferred tax asset of 54 million and no deferred tax liability 4. 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule that reconcile the difference between pret accounting income and taxable income Amount to be deducted should be indicated with a minus Enter your answers in millions founded to 1 decimal 5.500,000 should be entered a 5.5) is in millionel Current Year 2023 Future Table Amounts 2 Prelax accounting income Permanence Life insurance premium Temporary differences Casualty insurance (reversing Subscriptions-2021 Subscriptions-2022 Uredloos reversing) Table income income tax retum) 0.0 0.0 Enacted to rate) Tak payable currently Deferred tax Deferred Required 2 >