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Check my work Corning-Howell reported taxable income in 2021 of $124 million. At December 31, 2021, the reported amount of some assets and liabilities in the financial statements differed from their tax bases as indicated below: 4.5 points Carrying Amount Tax Basis eBook $ 12 million 24 million 8 million $ 16 million 0 0 Print Assets Current Net accounts receivable Prepaid insurance Prepaid advertising Noncurrent Investments in equity securities (fair value)* Buildings and equipment (net) Liabilities Current Deferred subscription revenue Long-term Liability-compensated future absences 8 million 364 million 284 million 16 million 0 598 million 0 Gains and losses taxable when investments are sold. at Ja 1, 2021, we $158.25 million and $25 The total deferred tax asset and deferred tax liabilit amd million, respectively. The enacted tax rate is 25% each year. Required: 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2021. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2021. 3. Determine the income tax payable currently for the year ended December 31, 2021. 4. Prepare the journal entry to record income taxes for 2021. Check my work 9 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2021. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2021. 3. Determine the income tax payable currently for the year ended December 31, 2021. 4. Prepare the journal entry to record income taxes for 2021. 4.5 points Complete this question by entering your answers in the tabs below. eBook Print Required 1 Required 2 Required 3 Required 4 Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2021. (Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) Deferred tax amounts ($ in millions) Classification Amount Deferred tax liability Deferred tax asset Check my work YA. 9 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2021. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2021. 3. Determine the income tax payable currently for the year ended December 31, 2021. 4. Prepare the journal entry to record income taxes for 2021. 4.5 points Complete this question by entering your answers in the tabs below. eBook Print Required 1 Required 2 Required 3 Required 4 Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2021. (Er your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Negative amounts shou be indicated with a minus sign.) ($ in millions) Deferred tax liability Deferred tax asset The increase (decrease) at December 31, 2021 9 The total deferred tax asset and deferred tax liability amounts at January 1, 2021, were $158.25 million and $25 million, respectively. The enacted tax rate is 25% each year. 4.5 points Required: 1. Determine the total deferred tax asset and deferred tax liability amounts at December 31, 2021. 2. Determine the increase (decrease) in the deferred tax asset and deferred tax liability accounts at December 31, 2021. 3. Determine the income tax payable currently for the year ended December 31, 2021. 4. Prepare the journal entry to record income taxes for 2021. eBook Print Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the income tax payable currently for the year ended December 31, 2021. (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).) Income tax payable million 9 Required 1 Required 2 Required 3 Required 4 4.5 points Prepare the journal entry to record income taxes for 2021. (If no entry is required for a transaction/event, select "No jour required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be 5.50).) eBook View transaction list Print Journal entry worksheet Record 2021 income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general iournal

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