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Question#3 - 1 point Edmund Corporation, organized on January 3, year 1, had pretax accounting income of $15 million and taxable income of $25 million for the year ended December 31, year 1. The year 1 tax rate is 35%. The only difference between accounting income and taxable income is estimated product warranty costs. Expected payments and scheduled tax rates (based on recent tax legislation) are as follows: Year 2 $3 million 30% Year 3 2 million 30% Year 4 2 million 30% Year 5 3 million 25% Required: 1. Determine the amounts necessary to record Edmund's income taxes for year 1 and prepare the appropriate journal entry. 2. What is Edmund's year 1 net income