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Motown Memories Incorporated Statement of Operations at December 31, 2021 Net sales Cost of sales Gross profit Compensation Selling expenses Depreciation and amortization Other expenses Total operating expenses Income from operations Interest and other incone Income before income taxes $ 5e,eee eee 28,000,000 $ 22,000,000 $ 2, eee, eee 1,500,eee 4,60e,eee See.eee $ 8,eee eee $ 14,eee eee 1,eeeeee $ 15,000,eee You Identified the following permanent differences: Interest income from municipal bonds Nondeductible entertainment expenses Nondeductible fines $ 5e,eee 20,eee 5.ee MM prepared the following schedule of temporary differences from the beginning of the year to the end of the year. Taxable Temporary Differences Accumulated depreciation Motown Memories Incorporated Temporary Differences Scheduling Template BOY Current Deferred Year Taxes Change $ (1,682,880) $ (1,8ee, eee) Cumulative T/D $ (9,880,000) EOY Deferred Taxes $ (1,890,000) Deductible Temporary Differences Allowance for bad debts Reserve for warranties Inventory IRC 5263A adjustment Deferred compensation Accrued pension liabilities Total Motown Menories Incorporated Temporary Differences Scheduling Template BOY Current Deferred Year Taxes Change $ 42,000 $ 50,880 21,080 28,888 50,400 68,888 19,560 18,888 630,000 250.000 $ 753,980 $ 390,880 Cumulative T/D $ 250,000 120,eee 300.ee 60,eee 3,250,eee $ 3,988,eee EOY Deferred Taxes $ 52,500 25,280 63,eee 12,600 682,500 $ 835, 880 Required: a. Compute MM's current Income tax expense or benefit for 2021. b. Compute MM's deferred Income tax expense or benefit for 2021. C. Prepare a reconciliation of MM's total income tax provision with its hypothetical Income tax expense of 21 percent in both dollars and rates. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req A and B Regc a. Compute MM's current income tax expense or benefit for 2021. b. Compute MM's deferred income tax expense or benefit for 2021. a. Current income tax expense b. Net deferred tax expense $ 3,016,650 $ 3,144,750 Reg A and B Reqc >