M10-22. Analyzing and Interpreting Income Tax Disclosures Apple Inc. reports the following footnote disclosure to its 2018 10-K report ($ millions). The provision for income taxes consisted of the following: Fiscal Year Ended September 29, 2018 Federal Current ....................................... $41,425 Deferred ...................................... (33,819) 7,606 State Current ....................................... 551 Deferred ...................................... 48 599 Foreign Current ....................................... 3,986 Deferred ...................................... 1,181 5,167 Total $13,372 a. What amount of income tax expense does Apple report in its income statement for 2018? b. How much of Apples income tax expense is current (as opposed to deferred)? c. Why do deferred tax assets and liabilities arise? How do they impact the tax expense that Apple reports in its 2018 income statement?