Business, 15.11.2019 20:31 testedagent2823

The information that follows pertains to richards refrigeration, inc.:

at december 31, 2018, temporary differences existed between the financial statement carrying amounts and the tax bases of the following:

($ in millions)
carrying
amount tax
basis future taxable
(deductible)
amount
buildings and equipment (net of accumulated depreciation) $ 140 $ 100 $ 40
prepaid insurance 60 0 60
liability—loss contingency 35 0 (35 )
no temporary differences existed at the beginning of 2018.

pretax accounting income was $210 million and taxable income was $145 million for the year ended december 31, 2018. the tax rate is 30%.

required:
1. complete the following table given below and prepare the appropriate journal entry to record income taxes for 2018

complete the following table given below to record income taxes for 2018. (enter your answers in millions rounded to 1 decimal place (i. e., 5,500,000 should be entered as 5.5). negative amounts should be entered with a minus sign.)

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The information that follows pertains to richards refrigeration, inc.:

at december 31,...

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