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 1. Pretax accounting income was $50 million and taxable income was $6 million for the year ended December 31, 2013. 2.The difference was due to three items: a. Tax depreciation exceeds book depreciation by $40 million in 2013 for the business complex acquired that year. This amount is scheduled to be $60 million in 2014 and to reverse as ($50 million) and ($50 million) in 2015, and 2016, respectively b. Insurance of $8 million was paid in 2013 for 2014 coverage. c. A $4 million loss contingency was accrued in 2013, to be paid in 2015. .No temporary differences existed at the beginning of 2013. 4.The tax rate is 40%. Required: 1. Determine the amounts necessary to record income taxes for 2013 and prepare the appropriate journal entry. (If no entry is required for an event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5))