A company owns a municipal bond that pays $28,000 interest annually. The company's financial reporting income before income taxes and municipal bond interest is $185,000. This is also equal to the company's taxable income (keeping in mind that interest on a municipal bond is not taxable). The company's statutory tax rate is 28%. Calculate the company's income tax expense payable to the government, its financial reporting of income before income taxes and provision for income taxes (income tax expense), and its effective income tax rate.