PoorPerf Co. (referred to as the "company") reported (under GAAP) income before income taxes in the amount of $100 (I'm making the math simple, you can add thousands or millions if you prefer to work with big numbers). You've been assigned to prepare the journal entry recording income tax expense and related assets and liabilities for the year ending 12/31/2017. You receive the following additional information, which may or may not be relevant to your task:

The CFO drives a Jaguar.

The company received an advance payment of $25 from a customer for work to be performed in 2018. Under the tax code, that payment is taxable when received.

Depreciation expense (GAAP) reflected in income before tax is $20. The company's tax department tells you that depreciation on the company's tax return will be $25.

The company recorded $2 on interest income on municipal bonds.

The company has a factory located in a country that has no income tax. Assume that there is no U.S. federal income tax on the earnings of that factory, which amounted to $30.

The company's federal tax rate is 21%. Ignore state and local income taxes for this problem.

Required:

Calculate income tax expense, income taxes payable, deferred tax (asset, liability or combined). You can show this as a journal entry, or any other means so long as your answers are clearly identified.

Calculate PoorPerf's effective tax rate.