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Show calculations. 22) The following information is for Hulk Gyms' first year of...

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Accounting

Show calculations.

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22) The following information is for Hulk Gyms' first year of operations. Amounts are in millions of dollars. The enacted tax rate is 25%. Year Future Taxable Amounts 2022 2023 2024 Future Amounts Total 2021 2025 $60 Accounting income Temporary difference: Prepaid insurance Taxable income $ 3 $ 3 $ 3 $ 3 $ 12 (12) $ 48 Required: Prepare a compound journal entry to record the income tax expense for the year 2021. Show well-labeled computations

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