Fortunes Hotel Associates reported the following income information for the current year E(Click on the icon to view the income information for the year.) Requirements Data Table Prepare the journal entry to record the tax provision for the current year. . Are there any differences between the federal income tax rate and Fortunes' effective tax rate? Explain. b Current Year Requirement a. Prepare the joumal entry to record the tax provision for the current year. (Record debits first, then credits. Exclude explanations from any journal entries.) Account GAAP Account Current Year S 500,000 S 500,000 Sales T Operating Expenses (280,000) (280,000) Depreciation Expense (70,000) (100,000) Estimated Warranty Cost (30,000 (10.000) Actual Warranty Repairs Requirement b. Are there any differences between the federal income tax rate and Fortunes' effective tax rate? Explain 120,000 Income before Tax between the federal tax rate and the effective (actual) tax rate. This results from the fact are multiple differences There Taxable Income S 110,000 that there are permanent and temporaryGAAPtax differences. The effective tax rate is 35 % Tax Rate S 38.500 x ayable Print Done