Practice Problem (covering some of Chapter 16; warning, this is not everything we covered) A group of accounting majors from Foster start their own business (insert your dream business here). They are confident and able and can readily tackle the following accounting challenges. 2022: For the year ended 2022, the company had the following income statement accounts: Revenue 250,000 Cost of Goods Sold 80,000 Depreciation Expense 50,000 Warranty Expense 20,000 Interest Income 10,000 It is now time to calculate income tax expense for their first year (i.e., no existing DTAS or DTLS). The following are relevant to this calculation: a) There is an unearned revenue liability balance of 50,000 at the end of 2022 (the balance was zero at the beginning of the year as this was the first year of operations). b) Tax depreciation expense is 70,000. c) Warranty repair costs incurred were 15,000 d) The interest income was earned with Municipal Bonds. e) The tax rate is 21%. 1) Please form the journal entry for 2022 income taxes. 2) What is the company's effective tax rate for 2022?