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Basic facts. The following information is for Hulk Gym's first year of operations. Amounts are in millions of dollars. The enacted tax rate is 30% for the current year and for the foreseeable future. Required (answer each question independently): 1. Two years of journal entries: a. Prepare the journal entry(ies) needed to record the income tax expense for the year y2. Show well-labeled computations. b. Assume that, in y3, accounting income is 580 million and taxable income is $77 million, with the reversal of the uncarned rent being the only difference between book and taxable income. Prepare the journal entry(ies) needed to record income tax expense for the year y3. Show well-labeled computations. 2. Assume the "basic facts" above except that, at the end of y2, management expects that it is probable (i.e., more likely than not) that the firm will generate only $6 million of future taxable income. Prepare the journal entry(ies) needed to record the income tax expense for the year y2. Show well-labeled computations. 3. Assume the "basic facts" above except that, at the end of y2, Congress has enacted a 20% corporate tax rate that becomes effective on 1/1/23 and is expected to remain at 20% until at least the end of y6. Prepare the journal entry(ies) needed to record the income tax expense for the year y2. Show well-labeled computations

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