Recording Income Tax Expense (FSET) Nike, Inc., reports the following tax informatic The provision for income taxes is as follows: 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 ass creased) by the \$ million shown above as a decrease in deferred income tax liabilities. Nike also states the following: 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