The information that follows pertains to Richards Refrigeration, Inc.: At December 31, 2018, temporary differences existed between the financial statement carrying amounts and the tax bases of the following: ($ in millions) Carrying Amount Tax Basis Future Taxable (Deductible) Amount Buildings and equipment (net of accumulated depreciation) $ 130 $ 95 $ 35 Prepaid insurance 55 0 55 Liabilityloss contingency 30 0 (30 ) No temporary differences existed at the beginning of 2018. Pretax accounting income was $205 million and taxable income was $145 million for the year ended December 31, 2018. The tax rate is 35%.

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?