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: Book Value ($ in millions) Future Taxable Tax (Deductible) Basis Amount $104 $ 44 0 64 0 (39) Buildings and equipment (net of accumulated depreciation) Prepaid insurance Liability-loss contingency $ 148 64 39 b. No temporary differences existed at the beginning of 2021. c. Pretax accounting income was $214 million and taxable income was $145 million for the year ended December 31, 2021. The tax rate is 25%. Required: 1. Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2021. 2. What is the 2021 net income? Required 1 Calculation Required 1 GJ Required 2 Complete the following table given below to record income taxes for 2021. (Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Negative amounts should be entered with a minus sign.) ($ in millions) Tax Rate % Tax $ Recorded as: Pretax accounting income $ 214.00 Permanent differences 214.00 II $ 0.00 Income subject to taxation Temporary Differences Depreciation Prepaid insurance Liability - loss contingency = = Income taxable in current year 214.00 = Required 1 Calculation Required 1 GJ > Prepare the appropriate journal entry to record income taxes for 2021. (If no entry is required for a transaction/event, select "No jouri 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)) View transaction list Journal entry worksheet Record 2021 income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 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 What is the 2021 net income? (Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) Net income million