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Exercise 16-22 (Algo) Multiple temporary differences; record income taxes (L016-2, 16-3] The information that follows pertains to Richards Refrigeration, Inc.: a. At December 31, 2021, temporary differences existed between the financial statement book values and the tax bases of the following: Book Value $132 56 ($ in millions) Future Taxable Tax (Deductible) Basis Amount $96 $ 36 56 (31) Buildings and equipment (net of accumulated depreciation) Prepaid insurance Liability-loss contingency b. No temporary differences existed at the beginning of 2021. c. Pretax accounting income was $206 million and taxable income was $145 million for the year ended December 31, 2021. The tax rate is 25% Required: 1. Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2021. 2. What is the 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G Required 2 Complete the following table given below to record income taxes for 2021. (Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Negative amounts should be entered with a minus sign.) ~ Tax Rate % = Tax $ Recorded as: ($ in millions) $ 206.00 Pretax accounting income Permanent differences Income subject to taxation Temporary Differences Income taxable in current year Required 1 Calculation quired 1 GJ Required 2 Prepare the appropriate journal entry to record income taxes for 2021. (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) View transaction list Journal entry worksheet Record 2021 income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required 1 Calculation Required 1 GJ Required 2 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).) Net income million