ssignment #8 Help Save & Exit Arndt, Inc., reported the following for 2018 and 2019 ($ in millions): 2019 $1,025 822 Expenses Pretax accounting income income statement) Taxable income tax return) Tax rates 400 a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2018 for $60 million The cost is tax deductible in 2018 b. Expenses include $2 million insurance premiums each year for life insurance on key executives C. Arndt sells one year subscriptions to a weekly journal, Subscription sales collected and taxable in 2018 and 2019 were $35 million and $48 million, respectively. Subscriptions included in 2018 and 2019 financial reporting revenues were $27 million ($9 million collected in 2017 but not recognized as revenue until 2018) and $35 million, respectively. Hint View this as two temporary differences-one reversing in 2018: one originating in 2018 d. 2018 expenses included a $18 million unrealized loss from reducing investments classified as trading securities) to fail value. The investments were sold in 2019, e. During 2017, accounting income included an estimated loss of $4 million from having accrued a loss contingency. The loss was paid in 2018 at which time it is tax deductible At January 1, 2018, Arndt had a deferred tax asset of $7 million and no deferred tax liability, 3. Compute the deferred tax amounts that should be reported on the 2018 balance sheet (Enter your answers in millions le 10,000,000 should be entered as 10).) Deferred tax amounts (5 in millions) Classification Amount Net noncurrent deferred tax asset