You are the new accounting manager at the Barry Transport Company. Your CFO has asked you to provide input on the company's ncome tax position based on the following 1 Pretax accounting income was $68 milion and taxable income was $16 million for the year ended December 31, 2018 2. The difference was due to three items . depreciation exceeds book depreciation by S50 milion in 2018 for the business complex acquired that year. This amount is scheduled to be $70 million in 2019 and to reverse as ($60 million) and (560 million) in 2020, and 2021, respectively c. A $8 million loss contingency was accrued in 2018, to be paid in 2020 nsb. Insurance of $10 million was paid in 2018 for 2019 coverage. 3. No temporary differences existed at the beginning of 2018. The tax rate is 40% Determine the amounts necessary to record income taxes for 2018 and prepare the appropriete journal entry 2. Assume re enacted federal income tax law species that the tax rate wis change from 40% to 35% r, 2020 when schedulng the reversal of the depreciation difference, you were uncertain as to how to deal with the fact that the difference will continue to originate in 2019 before reversing the next two years Upon consulting PricewaterhouseCoopers' Comperio database, you found 441 Depreciable and amortizable assets Only the reversals of the tempovanry cifference at the balance sheet date would be schealuled Future oniginations are not considered in determining the reversal pattern of temporary diterences for depreciable assets FAS,AS8 ASC 740-income Taxes] is sent as to how me balance sheet date temporary differences are deemed to reverse, but the FIFO pten is intended ou interpret that to mean that, when future taxable amounts are being scheduled, and a portion of a temporary difference has yet to originase, only the reversals of the temporary difference at the balance sheet date can be scheduled and mutiplied by the tax rate that wil be in eflect when the diterence reverses. Future ongratons e the deprecaen aference the second year) are not consored when determining the timing of the reversal For the existing temporary difference, it is assumed that the difterence will reverse the first year the dflerence begins reversing Determine the amounts necessary to record income taxes for 2018 and prepare the appropriate joumal entry Complete this question by entering your answers in the tabs below MacBook So 5 ton command You are the new accounting manager at the Barry Transport Company. Your CFO has asked you to provide input on the company's ncome tax position based on the following 1 Pretax accounting income was $68 milion and taxable income was $16 million for the year ended December 31, 2018 2. The difference was due to three items . depreciation exceeds book depreciation by S50 milion in 2018 for the business complex acquired that year. This amount is scheduled to be $70 million in 2019 and to reverse as ($60 million) and (560 million) in 2020, and 2021, respectively c. A $8 million loss contingency was accrued in 2018, to be paid in 2020 nsb. Insurance of $10 million was paid in 2018 for 2019 coverage. 3. No temporary differences existed at the beginning of 2018. The tax rate is 40% Determine the amounts necessary to record income taxes for 2018 and prepare the appropriete journal entry 2. Assume re enacted federal income tax law species that the tax rate wis change from 40% to 35% r, 2020 when schedulng the reversal of the depreciation difference, you were uncertain as to how to deal with the fact that the difference will continue to originate in 2019 before reversing the next two years Upon consulting PricewaterhouseCoopers' Comperio database, you found 441 Depreciable and amortizable assets Only the reversals of the tempovanry cifference at the balance sheet date would be schealuled Future oniginations are not considered in determining the reversal pattern of temporary diterences for depreciable assets FAS,AS8 ASC 740-income Taxes] is sent as to how me balance sheet date temporary differences are deemed to reverse, but the FIFO pten is intended ou interpret that to mean that, when future taxable amounts are being scheduled, and a portion of a temporary difference has yet to originase, only the reversals of the temporary difference at the balance sheet date can be scheduled and mutiplied by the tax rate that wil be in eflect when the diterence reverses. Future ongratons e the deprecaen aference the second year) are not consored when determining the timing of the reversal For the existing temporary difference, it is assumed that the difterence will reverse the first year the dflerence begins reversing Determine the amounts necessary to record income taxes for 2018 and prepare the appropriate joumal entry Complete this question by entering your answers in the tabs below MacBook So 5 ton command