Required Information (The following information opplies to the questions displayed below.) Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): 2021 2022 Ravenues Expenses Pretax accounting income income statement) Taxable income tax return) tax rates 35 180 $ 158 $ 121 813 1190 215 8. Expenses each year include $45 million from a two-year casualty insurance policy purchased in 2021 for $90 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 weeklyjournal. Subscription soles collected and taxable 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 as trading securities, to foir value. The investments were sold and the loss realized in 2022. During 2020, accounting income included an estimated loss of $16 million from having accrued o loss contingency. The loss was paid in 2021, at which time it is tax deductible. * At January 1, 2021. Arndt had o deferred tax asset of $9 million and no deferred tax liability 4. Prepare a schedule that reconciles the difference between pretex occounting income and taxable income. Using the schedule. prepare the necessary journal entry to record income taxes for 2022. Complete this question by entering your answers in the tabs below. Required 2 Prepare a schedule that rconciles the difference between pretax accounting income and taxable income. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to I decimal place (ie 5.500.000 should be entered as 5.5).) 1$ in millons) current Year 2022 Future Taxable Amounta (2023) Future Deductible Amounts [2023) Pretax accounting income Permanent difference Life insurance prenumis Temporary differences Casualty insurance preversing) Subscription 2021 Subscription 2022 Unrealized loss reversing) Taxable income income tax return) 0.0 00 Enackad tax rate() Tax payable currendy Deferred tax liability Duforrad lax assut Required 2 > 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 1. Record 2022 income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal