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Nike, Inc., reports the following tax information in Note 9 to its 2014 financial report. Income before income taxes is as follows: Year Ended

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Nike, Inc., reports the following tax information in Note 9 to its 2014 financial report. Income before income taxes is as follows: Year Ended May 31 (In millions) 2014 2013 2012 Income before income taxes: United States Foreign $1,084 $699 $846 1,760 1,818 1,111 $2,844 $2,517 $1,957 The provision for income taxes is as follows: Year Ended May 31 (In millions) 2014 2013 2012 Current: United States Federal State $289 $200 $410 57 50 46 Foreign 431 339 298 777 589 754 Deferred: United States Federal (61) 18 (251) State (1) (8) Foreign Required (20) (11) (40) (81) 6 (299) $696 $595 $455 a. Record Nike's provision for income taxes for 2014 using the financial statement effects template. Enter answers in millions in the appropriate account columns, using the second row only if additional space is needed. Use a negative sign with answers, when appropriate. Balance Sheet Income Statement Transaction Cash Asset + Noncash Asset = To recrod income tax expense 0 + 0 + 0 = 0 = Liabilities + $777 + Contrib. Capital Earned Capital Revenues Expenses 0 + 0 0 = Net Income 0 = 0 0 + 0+ 0 0 0 = 0

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