Allmond corporation, organized on january 3, 2018, had pretax accounting income of $14 million and taxable income of $20 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: 2019 $ 2 million 30 % 2020 1 million 30 % 2021 1 million 30 % 2022 2 million 25 %

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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