Santos Hotel Associates reported the following income information for the current year. (Click on the icon to view the income information for the year.) Requirements a. Prepare the journal entry to record the tax provision for the current year. b. Are there any differences between the federal income tax rate and Santos' effective tax rate? Explain. x - i Data Table Its firs Current Year GAAP Tax Account Sales Operating expenses Depreciation expense Estimated warranty cost Actual warranty repairs $ 510,000 $ 510,000 (292,000) (292,000) (80,000) (108,000) (36,000) 0 0 (7,000) $ 102,000 Income before tax Taxable income Tax rate $ 103,000 X 40% $ Tax payable 41,200 Print Done