Please help for all 3 requirements. Also, can you please explain exactly where you are getting your numbers.

Problem 16-7 (Algo) Multiple differences; calculate taxable income; balance sheet classification [LO16-2, 163,165,168] Sherrod, Inc, reported pretax accounting income of $90 million for 2021. The following information relates to differences between pretax accounting income and taxable income: a. Income from installment sales of properties included in pretax accounting income in 2021 exceeded that reported for tax purposes by $3 million. The instaliment receivable sccount at year-end 2021 had a balance of $4 million (representing portions of 2020 and 2021 instaliment sales), expected to be collected equally in 2022 and 2023. b. Sherrod was assessed a penalty of $2 milion by the Environmental Protection Agency for violation of a federal law in 2021 . The fine is to be paid in equal amounts in 2021 and 2022 c. Sherrod tents its operating facilities but owns one asset acquired in 2020 at a cost of $100 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 the first two years but less than straight-line depreciation the next two years (\$ in maillions): d. For tax purposes, Warranty expense is deducted when costs are incurred. The bolance of the warranty hability was $1 miliion at the end of 2020 . Warranty expense of $5 million is recognized in the income statement in 2021$3 millian of cost is incurred in 2021 . and another $3 miliion of cost anticipated in 2022. At December 31, 2021, the warranty liability is $3 million (after adjusting entries). e In 2021, Sherrod accrued an expense and related lioblity for estimated paid future absences of $10 million relating to the company's new paid vacation program. Future compensation wall be dedoctible on the tax ceturn when octually paid during the next two years (\$7 matson in 2022.\$3 mition in 2023). 6. During 2020, accounting income included an estimated loss of $4 million from having accrued a loss contingency. The loss is paid in 2021 , at which time it is tax deductible. Balonces in the deferred tax asset and deferred tax liablity accounts at January 1,2021, were $1.25 million and $2.25 mililion. tospectively. The enected tax rate is 25% each year; Required: 1. Determine the amounts necessary to record income taxes for 2021 and propare the appropriate journal entry. 2. What is the 2021 net inconse? 3. Show how any doferred tax amoums should be classifled and reported in the 2021 balance sheet. Complete this question by entering your answers in the tabs below. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) Journal entry worksheet Record 2021 income taxes. Note: Enter debits before credita, Complete this question by entering your answers in the tabs below. What is the 2021 net income? (Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Complete this question by entering your answers in the tabs below. Show how any deferred tax amounts should be classified and reported in the 2021 balance sheet. (Enter your answer in militions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).)