Your help would greatly be appreciated, the answer is not $23.75 for income tax expense or $2.00 for deferred tax asset, but it is $6.25 for deferred tax liqbility and $19.50 for income tax payable. i do not have answers for 2 or 3 either. thanks!

A company reported pretax accounting income of $92 million for 2024. The following information relates to differences between pretax accounting income and taxable income:

a. Income for installment sales of properties included in pretax accounting income in 2024 exceeded that reported for tax purposes by $6 million. The installment receivable account at year-end 2024 had a balance of $8 million representing portions of 2023 and 2024 installment sales expected to be collected equally in 2025 and 2026.

b. The company was assessed a penalty of $3 million by the environnemental protection agency for violation of a federal law in 2024. The fine is to be paid an equal amounts in 2024 and 2025.

c. The company rents its operating facilities, but owns one asset acquired in 2023 at a cost of $104 million. Depreciation is reported by the straight line method, assuming a four year useful life. On the tax return, deductions for depreciation will be more than straight line depreciation for the first two years, but less than straight line depreciation the next two years ($ in millions) see attached

d. For tax purposes warranty expense is deducted when costs are paid. The balance of the warranty liability was$1 million at the end of 2023. Warranty expense of $3 million is recognized in the income statement and 2024. $2 million of cost is paid in 2024 and another $2 million of cost are anticipated to be paid in 2025. At December 31, 2024, the warranty liability is $2 million (after adjusting entries)

e. In 2024 the company accrued an expense and related liability for estimated paid future absences of $13 million relating to the company's new paid vacation program. Future compensation will be deducted on the tax return when actually paid during the next two years ($7 million in 2025; $6 million in 2026)

d. During 2023, accounting income included an estimated loss of $6 million from having accrued a loss contingency. The loss is paid in 2024, at which time it is tax deductible.

Balances in the deferred tax asset and deferred tax liability accounts at January 1, 2024 were $1.7 million and $2.5 million respectively. The enacted tax rate is 25% each year.

Required:

1. Determine the amount necessary to record income taxes for 2024, and prepare the appropriate journal entry.

2. What is the 2024 net income?

3. Show how any deferred tax amounts should be classified and reported in the 2024 balance sheet.

Complete this question by entering your answers in the tabs below. Determine the amounts necessary to record income taxes for 2024, and prepare the appropriate journal entry. Note: 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 2 decimal places (i.e., 5,500,000 should be entered as 5.50 ). \begin{tabular}{|cccc} & IncomeStatement & Tax Return & Difference \\ 2023 & $26 & $34 & $(8) \\ 2024 & 26 & 45 & (19) \\ 2025 & 26 & 16 & 10 \\ 2026 & 26 & 9 & 17 \\ \hline \hline \end{tabular} Show how any deferred tax amounts should be classified and reported in the 2024 balance sheet. Note: Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). What is the 2024 net income? Note: Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5,50)