You are the new accounting manager at the barry transport company. your cfo has asked you to provide input on the company's income tax position based on the following: 1. pretax accounting income was $52 million and taxable income was $18 million for the year ended december 31, 2016. 2. the difference was due to three items: a. tax depreciation exceeds book depreciation by $30 million in 2016 for the business complex acquired that year. this amount is scheduled to be $50 million in 2017 and to reverse as ($40 million) and ($40 million) in 2018, and 2019, respectively. b. insurance of $10 million was paid in 2016 for 2017 coverage. c. a $6 million loss contingency was accrued in 2016, to be paid in 2018. 3. no temporary differences existed at the beginning of 2016. 4. the tax rate is 40%. required: 1. determine the amounts necessary to record income taxes for 2016 and 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.