Adjustments for Deferred Tax Asset Valuation Allowance Consider the following income tax footnote information for Oracle for the fiscal year ended May 31, 2019 (fiscal year 2019). The following is a geographical breakdown of income before the provision for income taxes:

Year Ended May 31 (in millions)	2019	2018	2017
Domestic	$2,642	$2,356	$2,572
Foreign	5,946	6,341	5,604
Income before provision for income taxes	$8,588	$8,697	$8,176

The provision for income taxes consisted of the following:

Year Ended May 31 ($ in millions)	2019	2018	2017
Current provision:
Federal	$685	$5,824	$655
State	210	185	180
Foreign	768	770	1,033
Total current provision	$1,663	$6,779	$1,868
Deferred benefit:
Federal	$338	$(579)	$(111)
State	(20)	(18)	(20)
Foreign	(1,152)	4	(177)
Total deferred benefit	$(834)	$(593)	$(308)
Total provision for income taxes	$829	$6,186	$1,560

The provision for income taxes differed from the amount computed by applying the federal statutory rate to our income before provision for income taxes as follows:

Year Ended May 31 ($ in millions)	2019	2018	2017
U.S federal statutory tax rate	21.0%	29.2%	35.0%
Tax provision at statutory rate	$1,803	$2,540	$2,862
Impact of the Tax Act of 2017:
One-time transition tax	(370)	5,447	-
Deferred tax effects	98	(638)	-
Foreign earnings at other than United States rates	(552)	(697)	(918)
State tax expense, net of federal benefit	138	99	105
Settlements and releases from judicial decisions and
statute expirations, net	(92)	(176)	(132)
Domestic production activity deduction	-	(61)	(83)
Federal research and development credit	(111)	(122)	(89)
Stock-based compensation	(141)	(211)	(104)
Other, net	57	4	(80)
Total provision for income taxes	$830	$6,185	$1,561

The components of our deferred tax assets and liabilities were as follows:

May 31 (in millions)	2019	2018
Deferred tax assets:
Accruals and allowances	$379	$397
Employee compensation and benefits	452	465
Differences in timing of revenue recognition	225	237
Basis of property, plant and equipment and intangible assets	867
Tax credit and net operating loss carryforwards	2,602	1,830
Total deferred tax assets	4,525	2,929
Valuation allowance	(886)	(916)
Total deferred tax assets, net	3,639	2,013
Deferred tax liabilities:
Unrealized gain on stock	(55)	(55)
Acquired intangible assets	(681)	(878)
GILTI deferred	(1,061)
Basis of property, plant and equipment an intangible assets		(111)
Other	(140)	(34)
Total deferred tax liabilities	(1,937)	(1,078)
Net deferred tax assets	$1,702	$935

$ millions	2016	2017
Total deferred tax asset	$4,338	$3,455
Valuation allowance	815	821

Required a. Use the four-year average valuation allowance to deferred tax assets (20162019) of 22.55% to adjust the income statement for each of the four years 20162019. Follow Analyst Adjustments 10.3 for guidance in the adjustment process. Note: Use a negative sign to indicate an income statement reversal. Note: Do not round until your final answer; round your final answers below to the nearest whole dollar.

Income Statement Adjustments	2016	2017	2018	2019
($ millions)
Income tax expense
Net income

b. Adjust the balance sheet for each of the four years 20162019. Note: Use a negative sign to indicate a decrease of the balance sheet accounts. Note: Round your answers to the nearest whole dollar.

Balance Sheet Adjustments	2016	2017	2018	2019
($ millions)
Valuation allowance
Deferred tax assets, net
Total assets
Retained Earnings