The information that follows pertains to Richards Refrigeration, Incorporated: a. At December 31, 2024, 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 b. No temporary differences existed at the beginning of 2024. ($ in millions) Book Value $ 120 Tax Basis $ 90 50 25 0 0 Future Taxable (Deductible) Amount $ 30 50 (25) c. Pretax accounting income was $200 million and taxable income was $145 million for the year ended December 31, 2024. The tax rate is 25%. Required: 1. Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2024. 2. What is the 2024 net income?