J.W. Hans Markets, Inc. accepts prepaid grocery orders for home and commercial delivery. This year, the company collected $172,000 in advance orders. J.W. Hans delivered $66,000 in grocery orders th is year. The company paid $12,000 in insurance premiums for a policy covering the life of its founder and CEO. Income before considering any revenue recognized on the delivered groceries and the insurance expense is $802,000. J.W. Hans is subject to 4 40% income tax rate Read the requirements Requirement a. Prepare the journal entry to record the current year's income tax provision. (Record debits first, then credits. Exclude explanations from any journal entries.) Frel Account (1) Income Tax Expense (2) Deferred Tax Asset (3) Income Taxes Payable (4) Requirement b. Prepare the footnote, in dollars and percentages, to reconcile the company's federal income tax rate to its effective (actual) tax rate. (Round the percentages to the nearest hundredth of a percent, X.XX%.) Footnote Reconciliation Dollars Percentages (5) % (6) % (7) % 1: Requirements a. Prepare the journal entry to record the current year's income tax provision. b. Prepare the footnote, in dollars and percentages, to reconcile the company's federal income tax rate to its effective (actual) tax rate. (1) O O Deferred Revenue O Income Tax Expense O Income Taxes Payable Retained Earnings Deferred Tax Asset O Deferred Tax Liability Sales Revenue (2) O Income Tax Expense O Income Taxes Payable O Retained Earnings O Sales Revenue ODeferred Revenue O Deferred Tax Asset O Deferred Tax Liability (3) O Income Tax Expense O Income Taxes Payable O Deferred Revenue O Deferred Tax Asset Retained Earnings Deferred Tax Liability Sales Revenue OOOO