Nike, Inc., reports the following tax information in the notes to its 2020 financial report. Income before income taxes is as follows: The provision for income taxes is as follows: Nike also states the following: ("IRS") and other matters of 1.5\%. Included in other is the deferral of income tax effects related to intra-entity transfers of inventory of 2.3% and other items of 0.6%. Required a. Record Nike's provision for income taxes for 2020 using the financial statement effects template. b. Explain how the provision for income taxes affects Nike's financial statements. c. Calculate Nike's effective tax rate for 2020, 2019, and 2018. Nike also states the following: U.S. Internal Revenue Service ("IRS") and other matters of 1.5\%. Included in other is the deferral of income tax effects related to intra-entity transfers of inventory of 2.3% and other items of 0.6%. Required a. Record Nike's provision for income taxes for 2020 using the financial statement effects template. b. Explain how the provision for income taxes affects Nike's financial statements. c. Calculate Nike's effective tax rate for 2020, 2019, and 2018. - Note: Use negative signs with your answers, when appropriate. - Note: Select "N/A" as your answer if a part of the accounting equation is not affected. a. b. An expense of \$ million is recorded in the income statement, thereby reducing both net income and retained earnings. Liabilities are increased by \$ million, income taxes payable (assuming the amount due this year has not been paid yet) and liabilities are decreased (or assets are increased) by the $ million shown above as a decrease in deferred income tax liabilities. c. Nike, Inc., reports the following tax information in the notes to its 2020 financial report. Income before income taxes is as follows: The provision for income taxes is as follows: Nike also states the following: ("IRS") and other matters of 1.5\%. Included in other is the deferral of income tax effects related to intra-entity transfers of inventory of 2.3% and other items of 0.6%. Required a. Record Nike's provision for income taxes for 2020 using the financial statement effects template. b. Explain how the provision for income taxes affects Nike's financial statements. c. Calculate Nike's effective tax rate for 2020, 2019, and 2018. Nike also states the following: U.S. Internal Revenue Service ("IRS") and other matters of 1.5\%. Included in other is the deferral of income tax effects related to intra-entity transfers of inventory of 2.3% and other items of 0.6%. Required a. Record Nike's provision for income taxes for 2020 using the financial statement effects template. b. Explain how the provision for income taxes affects Nike's financial statements. c. Calculate Nike's effective tax rate for 2020, 2019, and 2018. - Note: Use negative signs with your answers, when appropriate. - Note: Select "N/A" as your answer if a part of the accounting equation is not affected. a. b. An expense of \$ million is recorded in the income statement, thereby reducing both net income and retained earnings. Liabilities are increased by \$ million, income taxes payable (assuming the amount due this year has not been paid yet) and liabilities are decreased (or assets are increased) by the $ million shown above as a decrease in deferred income tax liabilities. c