The information that follows pertains to Richards Refrigeration, Inc.: a. At December 31, 2021, temporary differences existed between the financial statement book values and the tax bases of the following: Buildings and equipment (net of accumulated depreciation) Prepaid insurance Liability-loss contingency Book Tax Value Basis (5 in millions) Future Taxable (Deductible) Amount $120 $90 $ 30 50 25 50 (25) b. No temporary differences existed at the beginning of 2021. ces c. Pretax accounting income was $200 million and taxable income was $145 million for the year ended December 31, 2021. The tax rate is 25%. Required: 1. Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2021. 2. What is the 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 1 GJ Required 2 Calculation Complete the following table given below to record income taxes for 2021. (Negative amounts should be entered with a minus sign. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) Pretax accounting income Permanent differences No permanent differences Income subject to taxation Temporary Differences ($in millions) $ 200.00 Tax Rate Tax $ Recorded as: 0 200.00 x 25.00% $ 50.00 Income tax expense Deferred tax liability Depreciation 0.00 x Prepaid insurance 0.00 x Deferred tax liability Liability-loss contingency 0.00 x = Deferred tax asset Income taxable in current year $ 200.00 X 25.00% $ 50.00 Income tax payable Required 1 Calculation Required 1 GJ > Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Prepare the appropriate journal entry to record Income taxes for 2021. (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 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) 1 No Event General Journal 1 Income tax expense Deferred tax asset Income tax payable Deferred tax liability Debit Credit b. No temporary differences existed at the beginning of 2021. c. Pretax accounting income was $200 million and taxable income was $145 million for the year ended December 31, 2021. The tax rate is 25%. Required: 1. Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2021. 2. What is the 2021 net income? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 What is the 2021 net income? (Enter your answer in millions (i.e., 5,000,000 should be entered as 5).) Net income million