Lake Company shows the following results of operations on December 31, its first year of operations. 1. Pretax GAAP income for the current year totals $100,000. Taxable income is $90,000. 2. Recorded an installment sale receivable totaling $60,000, with a tax basis of $0. This amount will be included in taxable income in future years. 4. Enacted tax rate for the current year and all future years is 25%. Required a. Provide the journal entry to record income tax expense for the year. b. Prepare the income tax section of the income statement for the year and provide the disclosure of current and deferred tax expense. - Note: Do not use negative signs with your answers. c. Compute the effective tax rate for the year