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 $68 million and taxable income was $16 million for the year ended December 31, 2021. 2.The difference was due to three items: a. Tax depreciation exceeds book depreciation by $50 million in 2021 for the business complex acquired that year. This amount is scheduled to be $70 million in 2022 and to reverse as ($60 million) and ($60 million) in 2023 and 2024, respectively. b. Insurance of $10 million was paid in 2021 for 2022 coverage. c. A $8 million loss contingency was accrued in 2021, to be paid in 2023. d. No temporary differences existed at the beginning of 2021. The tax rate is 25%.