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Question - Allmond Corporation, organized on January 3, 2018, had pretax accounting income of $30 million and taxable income of $38 million for the year ended December 31, 2018. The 2018 tax rate is 30%. The only difference between accounting income and taxable income is estimated product warranty costs. Expected payments and scheduled tax rates (based on recent tax legislation) are as follows:
2019 $2 million 25%
2020 2 million 25%
2021 2 million 25%
2022 2 million 20%
Required -
1. Determine the amounts necessary to record Allmond's income taxes for 2018 and prepare the appropriate journal entry.
2. What is Allmond's 2018 net income?
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