Almond Corporation, organized on January 3, 2013, had pretax accounting income of $14 million and taxable income of $20 million for the year ended December 31, 2013. The 2013 tax rate is 35%. 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:
|
|
|
|
|
2014
|
$
|
2 million
|
30
|
%
|
2015
|
|
1 million
|
30
|
%
|
2016
|
|
1 million
|
30
|
%
|
2017
|
|
2 million
|
25
|
%
|
|
Required:
Complete the following table given below and prepare the journal entry to record Almond's income taxes for 2013. (If no entry is required for particular event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5