Shannon Polymers uses straight-line depreciation for financial reporting purposes for equipment costing $840,000 and with an expected useful life of 4 years and no residual value. For tax purposes, the deduction is 40%, 30%, 20%, and 10% in those years. Pretax accounting income the first year the equipment was used was $960,000, which includes interest revenue of $28,000 from municipal bonds. Other than the two described, there are no differences between accounting income and taxable income. The enacted tax rate is 35%. oints Prepare the journal entry to record income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) & Answer is complete but not entirely correct. No Event General Journal Debit Credit Income tax expense 326.2000 312.970 13.230 Income tax payable Deferred tax iability Allmond Corporation, organized on January 3, 2018, had pretax accounting income of $22 million and taxable income of $29 mlion for the year ended December 31, 2018 The 2018 tax rate is 40% The only difference between accounting income and taxable income is estimated product warranty costs. Expected payments and scheduled tax rates (based on recent tax legislation) are as follows 10 2019 $1 i11ion es 2021 2 illion 2022 2.1 ion 25% Required: 1. Determine the amounts necessary to record Allmond's income taxes for 2018 and prepare the appropriate journal entry 2. What is Allmond's 2018 net income? 0 Answer is complete but not entirely correct Complete this question by entering your answers in the tabs below Caloulation Required 1 3 Required 2 what is Almond's 2018 net Income? (Enter your answer in milions rounded to 1 decimal place (.e, 5,500,000 should be entered as 5.5).) C Required 1 GJ