Global, Inc. provides consulting services throughout the world. The company pays taxes to the nation where revenues are earned. Information about the company's taxes is presented below: Global, Inc. Components of Income Tax Expense (in millions) 2012 2011 Current - Federal $ 35.60 $ 29.80 53.86 65.85 - Foreign - State and Local Total Current 17.15 15.28 $106.61 $110.93 Deferred - Federal $ 10.56 $ 8.54 3.28 6.57 - Foreign Total Deferred $ 13.84 $ 15.11 Total Income Tax Expense $120.45 $126.04 2012 2011 Components of Income before Taxes United States $155.45 $150.29 142.85 134.50 Foreign Total $298.30 $284.79 Required: Hide a. Using the information provided for Global, prepare the company's journal entry to record income taxes for 2012 and 2011. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. a. Using the information provided for Global, prepare the company's journal entry to record income taxes for 2012 and 2011. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. 2012 IN 2011 b. Using the information provided for Global, determine the company's effective tax rate for 2012 and 2011. Round your answers to two decimal places. 2012 2011 Effective tax rate % % Global, Inc. provides consulting services throughout the world. The company pays taxes to the nation where revenues are earned. Information about the company's taxes is presented below: Global, Inc. Components of Income Tax Expense (in millions) 2012 2011 Current - Federal $ 35.60 $ 29.80 53.86 65.85 - Foreign - State and Local Total Current 17.15 15.28 $106.61 $110.93 Deferred - Federal $ 10.56 $ 8.54 3.28 6.57 - Foreign Total Deferred $ 13.84 $ 15.11 Total Income Tax Expense $120.45 $126.04 2012 2011 Components of Income before Taxes United States $155.45 $150.29 142.85 134.50 Foreign Total $298.30 $284.79 Required: Hide a. Using the information provided for Global, prepare the company's journal entry to record income taxes for 2012 and 2011. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. a. Using the information provided for Global, prepare the company's journal entry to record income taxes for 2012 and 2011. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. 2012 IN 2011 b. Using the information provided for Global, determine the company's effective tax rate for 2012 and 2011. Round your answers to two decimal places. 2012 2011 Effective tax rate % %
