Sherrod, Incorporated, reported pretax accounting income of $$64$ million for $2024.$ The following information relates to differences between pretax accounting income and taxable income:

a$.$ Income from installment sales of properties included in pretax accounting income in $2024$ exceeded that reported for tax purposes by $$2$ million. The installment receivable account at year$-$end $2024$ had a balance of $$4$ million $($representing portions of $2023$ and $2024$ installment sales$),$ expected to be collected equally in $2025$ and $2026.$

b$.$ Sherrod was assessed a penalty of $$1$ million by the Environmental Protection Agency for violation of a federal law in $2024.$ The fine is to be paid in equal amounts in $2024$ and $2025.$

c$.$ Sherrod rents its operating facilities but owns one asset acquired in $2023$ at a cost of $$48$ million. Depreciation is reported by the straight$-$line method, assuming a four$-$year useful life. On the tax return, deductions for depreciation will be more than straightline depreciation the first two years but less than straight$-$line depreciation the next two years $(5$ in millions$)$:

$\backslash$table$[[,\backslash$table$[[$Income$],[$Statement$]],$Tax Return,Difference$],[2023,$$$12,$$$16,$$$(4)$