Recording Income Tax Expense Nike, Inc., reports the following tax information in Note 9 to its 2014 financial report. Income before income taxes is as follows: Year Ended May 31 (In millions) 2014 Income before income taxes: United States $3,066 $1,231 $799 Foreign 2,025 2,212 $3,544 $3,256 $3,011 2013 2012 478 The provision for income taxes is as follows: Year Ended May 31 (In millions) 2014 2013 2012 Current United States Federal $371 $432 $286 State 93 69 51 Foreign 398 398 488 862 899 825 Deferred: United States Federal 8 0 (47) State (3) (4) 5 Foreign (16) (90) (29) (11) (94) (71) 5851 5805 $754 122 Required Record Nike's provision for income taxes for 2014 using the financial statement effects template Enter answers in millions in the appropriate account columns, using the second row only if additional space is needed. Use a negative sign with answers, when appropriate Balance Shte Income Statement Noncash Larned Transaction Cash Asset Asset Capital Capital Revenues - Net Income To record income tax expenie Ov 06 M 11 * BEST) 851 b. Record Nike's provision for income taxes for 2014 en millions) using journal entries. Credit General Journal Description Debit Deferred income taxes come to 851 Income taxes payable ! 0 86 c. Explain how the provision for income taxes affects Nike's financial statements Netcome Decreased #bys 351 on Labtes increased Why s 151 von d. Calculate and compare Nike's effective tax rate for 2014, 2013, and 2012. Round to one decimal place. 2012 2013 27.4% X 27.5 96 x 2014 24.39 x Check