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 $ 942 798 $ 144 $ 102 2025 $ 1,034 854 $ 180 $ 214 a. Expenses each year include $60 million from a two-year casualty insurance policy purchased in 2024 for $120 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 $61 million and 1$77 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $55 million ($38 million collected in 2023 but not recognized as revenue until 2024) and $61 million, respectively. Hint. View this as two temporary differences-one reversing in 2024; one originating in 2024. d. 2024 expenses included a $44 million unrealized loss from reducing investments (classified as trading securities) to fair value. The investments were sold and the loss s realized in 2025. e. During 2023, accounting income included an estimated loss of $34 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 $18 million and no deferred tax liability. Prepare a schedule that reconciles the difference between pretax accounting income and taxable income. Using the schedule, repare the necessary journal entry to record Income taxes for 2025.