Hobby Company has the following resultslbalances for the year ending 12 Book Income 25,000,000 Amounts already included in determining book income: Book Depreciation (used to calculate book income) 1,200,000 Depreciation (for tax purposes only) write-off of impaired goodwill (stock acquisition) 1,700,000 2,000,000 PD Bribes paid to expedite permits for new warehouse 20,000 Insurance expense for three years 600,000 v Expenses for fines and penalties 800,000RP v Meals and entertainment expenses 50% 87 s 6DD 1,750.000 FD 450,000PD L v Municipal interest income exempt from Federal tax 1.100.000 TD v Bad debt expense accrued but not yet written off Revenue previously recognized for tax purposes 300,000 4,000,000 TD v Bonus accrued for books but not yet paid Assuming a statutory Federal Income Tax rate of 35%, calculate the following: A. Taxable Income B. Federal Income Tax Provision (per Financial Statements) C. Federal Income Tax Liability (per return) D. Effective tax rate (per Financial Statements) E. Deferred Tax Asset (Liability)