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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
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 Bulldings and equipment (net of accumulated depreciation) Prepaid insurance Liability loss contingency Book Value $ 122 51 26 X5 in Illions) Future Taxable Tax (Deductible) Amount 591 51 . (26) b. No temporary differences existed at the beginning of 2021 c Pretax accounting income was $201 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
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