You are the new accounting manager at the Barry Transport Company. Your CFO has asked you to provide input on the company's income tax position based on the following: Pretax accounting income was S52 million and taxable income was $18 million for the year ended December 31, 2016. The difference was due to three items: Tax depreciation exceeds book depreciation by $30 million in 2016 for the business complex acquired that year. This amount is scheduled to be $50 million in 2017 and to reverse as (S40 million) and ($40 million) in 2018. and 2019, respectively. b Insurance of $10 million was paid in 2016 for 2017 coverage. A$6 million loss contingency was accrued in 2016, to be paid in 2018 3No temporary differences existed at the beginning of 2016. 4The tax rate is 40%. Required Determine the amounts necessary to record income taxes for 2016 and prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (ie., 5.500,000 should be entered as 5.5). Journal Entry Worksheet 2. How should the deferred tax amounts be classified in a classified balance sheet? (Enter your answers in millions rounded to 1 decimal place (ie., 5,500,000 should be entered as 5.5))