Question 1 Pina Company reports pretax financial income of $76,100 for 2017. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $16,700. 2. Rentcollected on the taxreturn is greater thanrent recognized on the income statement by $22,700. 3. Fines for pollution appear as an expense of $11,100 on the income statement. Pina's tax rate is 40% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2017. Compute taxable income and income taxes payable for 2017 Taxable income Income taxes payable $ Prepare the Income tax expense section of the Income statement for 2017, beginning with theline "Income before Income taxes." (Enter loss using elther a negative sign preceding the number e.g.-45 or parentheses e-g. (45).) Pina Company Income Statement (Partial) eTextbook and Media List of Accounts Compute the effective income tax rate for 2017. (Round answer to 1 decimal places, eg, 25.5% Effective income taxrate income