Referring to the P&G statements and accompanying notes in KWW14e (which is available on reserve in the Monroe Library or you can look it up on Bbthis material follows Chapter 5), then answer the following questions: 2-1. How much income tax expense did P&G report for the year ended June 30, 2009? How much of this was current and how much was deferred? 2-2. What was the amount of taxes owed on its tax return(s)? 2-3. P&G states that its effective tax rate is 26.3% while the statutory tax rate is 35%. Why do different companies have different effective tax rates? 2-4. Do differences in effective tax rates reflect the impact of temporary difference sor permanent differences? Explain. 2-5. Prepare the entry P&G had to write in 2009 for the deferred tax asset valuation allowance reported on page 272. Why was this necessary? 2-6. How much cash did P&G pay for income taxes during fiscal year 2008-2009