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straight-line depreciation the first two years but less than straight-line depreciation the next two years (\$ in millions): d. For tax purposes, warranty expense is deducted when costs are paid. The balance of the warranty liability was $1 million at the end of 2023. Warranty expense of $5 million is recognized in the income statement in 2024. \$3 million of cost is paid in 2024 , and another $3 million of costs are anticipated to be paid in 2025 . At December 31,2024 , the warranty liability is $3 million (after adjusting entries). e. In 2024, Sherrod accrued an expense and related liability for estimated paid future absences of $15 million relating to the company's new paid vacation program. Future compensation will be deductible on the tax return when actually paid during the next two years ( $10 million in 2025 ; $5 million in 2026). f. During 2023, accounting income included an estimated loss of $6 million from having accrued a loss contingency. The loss is paid in 2024, at which time it is tax deductible. alances in the deferred tax asset and deferred tax liability accounts at January 1,2024 , were $1.75 million and $2.50 million, espectively. The enacted tax rate is 25% each year. equired: 1. Determine the amounts necessary to record income taxes for 2024 , and prepare the appropriate journal entry. 2. What is the 2024 net income? 3. Show how any deferred tax amounts should be classified and reported in the 2024 balance sheet. Complete this question by entering your answers in the tabs below. Show how any deferred tax amounts should be classified and reported in the 2024 balance sheet. Note: Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Journal entry worksheet Note: Enter debits before credits. What is the 2024 net income? Note: Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). straight-line depreciation the first two years but less than straight-line depreciation the next two years (\$ in millions): d. For tax purposes, warranty expense is deducted when costs are paid. The balance of the warranty liability was $1 million at the end of 2023. Warranty expense of $5 million is recognized in the income statement in 2024. \$3 million of cost is paid in 2024 , and another $3 million of costs are anticipated to be paid in 2025 . At December 31,2024 , the warranty liability is $3 million (after adjusting entries). e. In 2024, Sherrod accrued an expense and related liability for estimated paid future absences of $15 million relating to the company's new paid vacation program. Future compensation will be deductible on the tax return when actually paid during the next two years ( $10 million in 2025 ; $5 million in 2026). f. During 2023, accounting income included an estimated loss of $6 million from having accrued a loss contingency. The loss is paid in 2024, at which time it is tax deductible. alances in the deferred tax asset and deferred tax liability accounts at January 1,2024 , were $1.75 million and $2.50 million, espectively. The enacted tax rate is 25% each year. equired: 1. Determine the amounts necessary to record income taxes for 2024 , and prepare the appropriate journal entry. 2. What is the 2024 net income? 3. Show how any deferred tax amounts should be classified and reported in the 2024 balance sheet. Complete this question by entering your answers in the tabs below. Show how any deferred tax amounts should be classified and reported in the 2024 balance sheet. Note: Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Journal entry worksheet Note: Enter debits before credits. What is the 2024 net income? Note: Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50)