Required Informetlon The following Information applies to the questions displayed below Arndt, Inc., reported the following for 2016 and 2017 $ In millions): Revenues Expenses 2016 2017 $995 $1,055 38 38 Pretax accounting Income (Income 57 statement) Taxable Income (tax return) $945 $1,055 Tax rate: 40% a. Expenses each year Include $40 million from a two-year casualty Insurance policy purchased In 2016 for $80 milion. The cost Is tax deductible In 2016 Expenses Include $3 millon Insurance premlums each year for life Insurance on key executives. b. C. Arndt sells one-year subscriptions to a weekly Journal. Subscription sales collected and taxable In 2016 and 2017 were $38 milon and $67 millon, respectively Subscriptions Included In 2016 and 2017 financlal reporting revenues were $35 million ($13 million collected In 2015 but not earned until 2016) and $43 million, respectively. Hint: View this as two temporary differences-one reversing In 2016; one originating In 2016. d. 2016 expenses Included a $29 milllon unrealized loss from reducing Investments (classified as trading securities) to fair value. The Investments were sold In 2017 e. During 2015, accounting Income Included an estimated loss of $7 million from having accrued a loss contingency. The loss was pald In 2016 at which time t is tax deductible At January 1, 2016, Arndt had a deferred tax asset of $8 million and no deferred tax f 5. Compute the deferred tax amounts that should be reported on the 2017 balance sheet. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Required Informetlon The following Information applies to the questions displayed below Arndt, Inc., reported the following for 2016 and 2017 $ In millions): Revenues Expenses 2016 2017 $995 $1,055 38 38 Pretax accounting Income (Income 57 statement) Taxable Income (tax return) $945 $1,055 Tax rate: 40% a. Expenses each year Include $40 million from a two-year casualty Insurance policy purchased In 2016 for $80 milion. The cost Is tax deductible In 2016 Expenses Include $3 millon Insurance premlums each year for life Insurance on key executives. b. C. Arndt sells one-year subscriptions to a weekly Journal. Subscription sales collected and taxable In 2016 and 2017 were $38 milon and $67 millon, respectively Subscriptions Included In 2016 and 2017 financlal reporting revenues were $35 million ($13 million collected In 2015 but not earned until 2016) and $43 million, respectively. Hint: View this as two temporary differences-one reversing In 2016; one originating In 2016. d. 2016 expenses Included a $29 milllon unrealized loss from reducing Investments (classified as trading securities) to fair value. The Investments were sold In 2017 e. During 2015, accounting Income Included an estimated loss of $7 million from having accrued a loss contingency. The loss was pald In 2016 at which time t is tax deductible At January 1, 2016, Arndt had a deferred tax asset of $8 million and no deferred tax f 5. Compute the deferred tax amounts that should be reported on the 2017 balance sheet. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)