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Allmond Corporation, organized on January 3,2018 , had pretax accounting income of $27 million and taxable income of $34 million for the year ended December 31,2018 . The 2018 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: 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? Complete this question by entering your answers in the tabs below. Determine the amounts necessary to record Allmond's 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). Enter all amounts as positive values.) Prepare the appropriate journal entry. (If no entry is required for a transaction/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).) Journal entry worksheet Record 2018 income taxes. Note: Enter debits before credits. 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? Complete this question by entering your answers in the tabs below. What is Allmond's 2018 net income? (Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)

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