Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $ 932 788 $ 144 $112 2025 $ 1,024 844 $ 180 $ 214 a. Expenses each year include $50 million from a two-year casualty insurance policy purchased in 2024 for $100 million. The cost is tax deductible in 2024. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $51 million and $67 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $45 million ($28 million collected in 2023 but not recognized as revenue until 2024) and $51 million, respectively. Hint. View this as two temporary differences-one reversing in 2024; one originating in 2024. d. 2024 expenses included a $34 million unrealized loss from reducing investments (classified as trading securities) to fair value. The investments were sold and the loss realized in 2025. e. During 2023, accounting income included an estimated loss of $24 million from having accrued a loss contingency. The loss was paid in 2024, at which time it is tax deductible. f. At January 1, 2024, Arndt had a deferred tax asset of $13 million and no deferred tax liability. uppose that during 2025, tax legislation was passed that will lower Arndt's effective tax rate to 15% beginning in 2026. Prepar edule that reconciles the difference between pretax accounting income and taxable income. Using the schedule, prepare the essary journal entry to record income taxes for 2025.

In early​ 2012, Cho-Sun​'s gross pay increased from ​$71,000 per year to ​$83,000 per year. Answer parts​ (a) and​ (b).   Taxable Income ​(Income tax​ brackets)   Tax Rates ​$44,701 or less 15​% of taxable income less than or equal to ​$44,701​; plus Over ​$44,701 up to ​$89,401 22​% of taxable income greater than ​$44,701 and less than or equal to ​$89,401​; plus Over ​$89,401 up to ​$138,586 26​% of taxable income greater than ​$89,401 and less than or equal to ​$138,586​; plus Over ​$138,586 29​% of taxable income greater than ​$138,586 ​(a) What was the annual percent increase in Cho-Sun​'s pay before federal income​ taxes?   nothing​% ​(Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as​ needed.) ​(b) What was the annual percent increase in Cho-Sun​'s pay after federal income taxes were​ deducted?   nothing​% ​(Round the final answer to two decimal places as needed.…

Please answer it in good accounting form. Thankyou

Now assume that Syer does account for its NOL under the CARES Act. Prepare the appropriate journal entry to record Syer’s 2020 income taxes, and indicate Syer’s 2020 net income(loss). Syer Company reports net operating income (loss) for financial reporting and tax purposes in each year as follows ($ in millions): 2016 2017 2018 2019 2020 $ 330) $ 130 $ 0 $0 $ (660) Syer’s 2020 NOL is driven by an unfortunate obsolescence of its primary product. Given great uncertainty in Syer’s future profitability, Syer’s management does not believe it is more likely than not that it will be able to realize deferred tax assets in future years. Syer’s federal tax rate decreased from 35% to 21% starting in 2018.