The information that follows pertains to Richards Refrigeration, Inc a. At December 31, 2018, temporary differences existed between the financial statement carrying amounts and the tax bases of the following ($ in millions) Carrying Tax Amount Basi:s $110 Future Taxable (Deductible) Amount $50 Buildings and equipment (net of accumul at ed depreciation) Prepaid insurance Liability-loss contingency $160 70 45 T0 (45) b. No temporary differences existed at the beginning of 2018 C. Pretax accounting income was $220 million and taxable income was $145 million for the year ended December 31 2018. The tax rate is 40%. Required 1. Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2018 2. What is the 2018 net income? Required 1 Calculation Required 1 GJ Required 2 Complete the following table given below to record income taxes for 2018. (Enter your answers in millions rounded place (i.e., 5,500,000 should be entered as 5.5). Negative amounts should be entered with a minus sign.) Tax S ($ in millions) 220.0 x Tax Rate % | Recorded as: Pretax accounting income Permanent differences 220.0 x Income subject to taxation Temporary Differences Depreciation Prepaid insurance Liability loss contingency Income taxable in current year 220.0 x