As the financial accountant assigned to year-end federal tax work for the annual report for 2017, you have obtained the following information about Exceptional: INCOME STATEMENT (in thousands, expenses are shown in parenthcses) Revenue Costs of goods sold Gross proft Marketing, administrative and research expenses Interest income on investments Interest expense Other incomelexpense $475,000 (200,000) 275,000 (185,000) 5,000 (12,000) _12000 Income before income taxes $98.000 OTHER INFORMATION (in thousands, expen ses show in parentheses) Depreciation expense, reflected above (in cost of goods sold and Marketing, admini strative and re search (18,000 (22.000) Depreciation on the tax return (in total) To be overly clear, tax depreciation is $4,000 higher Interest income on municipal bonds (included in interest "income on investments") 4,000 Exceptional received an advance payment of $22,000 from a customer for work that will be done next year. Under tax rules, the $22,000 is taxable this year Tax credits from reseach activities (directly reduces tax payable) 750 Gross profit earned in a tax-free zone 31,000 (Revenue, less cost of goods sold for an operation in a tax free zone, not taxable now and never will be.) The federal tax rate is 21%. Your Assignment: Calculate the federal income tax provision/expense and prepare the entry to record the provision (including expense, income taxes payable and deferred income taxes), Calculate the eflective tax rate