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Adjustments for Deferred Tax Asset Valuation Allowance Consider the following income tax footnote information for Oracle for the fiscal year ended May 31, 2019 (fiscal year 2019). 2019 The following is a geographical breakdown of income before the provision for income taxes: Year Ended May 31 (in Millions) 2018 2017 Domestic $4,340 $3,871 $4,225 Foreign 9,768 10.417 9,207 Income before provision for income taxes $14.108 514.288 513,432 The provision for income taxes consisted of the following: Year Ended May 31 (S in millions) 2019 2018 2017 Current provision: Federal $1,126 $9.568 $1,076 State 345 304 296 Foreign 1,262 1,265 1,696 Total current provision $2,733 $11,137 53,068 Deferred benefit Federal $555 $(951) $(182) State (32) (30) Foreign (1,893) 7 (291) Total deferred benefit $(1,370) $(974) $(506) Total provision for income taxes $1,363 510,163 $2,562 (33) The provision for income taxes differed from the amount computed by applying the federal statutory rate to our income before provision for income taxes as follows: Year Ended May 31 (S in millions) 2019 2018 2017 US federal statutory tax rate 21.04 29 29 35.09 Tax provision at statutory rate 52.962 34.173 54,701 Impact of the Tax Act of 2017: One-time transition tax (608) 8,948 Deferred taxeffects 161 (1 048) Foreign earnings at other than United States rates 1907 1,144) (1.509) State tax expense net of federal benefit 227 163 173 Settlements and releases from judicial decisions and statute expirations.net (152) 290) (217) Domestic production activity deduction (100) 1137) Federal research and development credit 1182) 1200) 1146) Stod based compensation 0447 (171) Othernet 93 7 11311 Total provision for income taxes 51.353510,102 52563 The components of our deferred tax assets and liabilities were as follows: The components of our deferred tax assets and liabilities were as follows: May 31 (in millions) 2019 2018 Deferred tax assets: Accruals and allowances $622 $652 Employee compensation and benefits 743 764 Differences in timing of revenue recognition 370 389 Basis of property, plant and equipment and intangible assets 1,424 Tax credit and net operating loss carryforwards 4,275 3,006 Total deferred tax assets 7,434 4,811 Valuation allowance (1,456) (1,504) Total deferred tax assets, net 5,978 3,307 Deferred tax liabilities: Unrealized gain on stock (90) (90) Acquired intangible assets (1.119) (1,442) GILTI deferred (1,742) Basis of property, plant and equipment an intangible assets (182) Other (230) (55) Total deferred tax liabilities (3,181) (1,769) Net deferred tax assets $2,797 $1,538 $ millions 2016 2017 Total deferred tax asset 57,127 55,676 Valuation allowance 1,339 1,349 Required a. Use the four-year average valuation allowance to deferred tax assets (2016-2019) of 22.55% to adjust the income statement for each of the four years 2016-2019. Follow Analyst Adjustments 10.3 for guidance in the adjustment process. Note: Use a negative sign to indicate an income statement reversal. Note: Do not round until your final answer, round your final answers below to the nearest whole dollar. 2016 2017 2018 2019 Income Statement Adjustments (5 millions) Income tax expense Net income 0 05 0 0$ 0 OS 0 0 b. Adjust the balance sheet for each of the four years 2016-2019. Note: Use a negative sign to indicate a decrease of the balance sheet accounts Note: Round your answers to the nearest whole dollar Balance Sheet Adjustments 2016 2017 2018 2019 $ millions 2016 2017 Total deferred tax asset $7,127 $5,676 Valuation allowance 1,339 1,349 Required a. Use the four-year average valuation allowance to deferred tax assets (2016-2019) of 22.55% to adjust the income statement for each of the four years 2016-2019. Follow Analyst Adjustments 10.3 for guidance in the adjustment process. Note: Use a negative sign to indicate an income statement reversal. Note: Do not round until your final answer; round your final answers below to the nearest whole dollar. 2016 2017 2018 2019 Income Statement Adjustments (5 millions) Income tax expense Net income $ 0 $ 0 $ 0 0 $ 0 0 0 b. Adjust the balance sheet for each of the four years 2016-2019. Note: Use a negative sign to indicate a decrease of the balance sheet accounts. Note: Round your answers to the nearest whole dollar. Balance Sheet Adjustments 2016 2017 2018 2019 (5 millions) Valuation allowance $ 0$ 05 0 $ Deferred tax assets, net Total assets Retained Earnings OOO Check