SOLVE ALL PROBLEMS RELATED TO THE QUESTION TO SOLVE!!!! SOLVE ALL PROBLEMS RELATED TO THE QUESTION TO SOLVE!!!!

You have been assigned to compute the income tax provision for Tulip City Flowers Inc. (TCF) as of December 31, 2019. The company's income statement for 2019 is provided below: (Leave no answer blank. Enter zero if applicable.) Tulip City Flowers Inc. Statement of Operations at December 31, 2019 Net sales Cost of sales Gross profit Compensation Selling expenses Depreciation and amortization Other expenses Total operating expenses Income from operations Interest and other income Income before income taxes $20,000,000 12,000,000 $ 8,000,000 $ 500,000 750,000 1,250,000 1,000,000 $ 3,500,000 $ 4,500,000 25,000 $ 4,525,000 You identified the following permanent differences: Interest income from municipal bonds Nondeductible stock compensation Nondeductible fines $10,000 $ 5,000 $ 1,000 TCF prepared the following schedule of temporary differences from the beginning of the year to the end of the year: Taxable Temporary Differences Accumulated depreciation Tulip City Flowers Inc. Temporary Difference Scheduling Template BOY Current Deferred Year Taxes $(1,050,000) $(500,000) Change EOY Cumulative T/D $(5,500,000) EOY Deferred Taxes $(1,155,000) Deductible Temporary Differences Allowance for bad debts Prepaid income BOY Deferred Taxes $21,800 Current Year Change $10,000 20,000 EOY Cumulative T/D $110,000 20,000 EOY Deferred Taxes $23,100 4,200 Deferred compensation Accrued pension liabilities Total 10,500 105,000 $136,500 10,000 100,000 $140,000 60,000 600,000 $790,000 12,600 126,000 $165,900 Required: a. Compute TCF's current income tax expense or benefit for 2019. b. Compute TCF's I income tax expense or benefit for 2019. c. Prepare a reconciliation of TCF's total income tax provision with its hypothetical income tax expense of 21 percent in both dollars and rates. Required: a. Compute TCF's current income tax expense or benefit for 2019. b. Compute TCF's deferred income tax expense or benefit for 2019. c. Prepare a reconciliation of TCF's total income tax provision with its hypothetical income tax expense of 21 percent in both dollars and rates. Complete this question by entering your answers in the tabs below. Req A and B Reqc a. Compute TCF's current income tax expense or benefit for 2019. b. Compute TCF's deferred income tax expense or benefit for 2019. a. b. Total income tax provision Required: a. Compute TCF's current income tax expense or benefit for 2019. b. Compute TCF's deferred income tax expense or benefit for 2019. c. Prepare a reconciliation of TCF's total income tax provision with its hypothetical income tax expense of 21 percent in both dollars and rates. Complete this question by entering your answers in the tabs below. Req A and B Reqc Prepare a reconciliation of TCF's total income tax provision with its hypothetical income tax expense of 21% in both dollars and rates. (Round your percentage answers to 2 decimal places. Amounts to be deducted should be indicated by a minus sign.) Reconciliation of Effective Tax Rate Dollars Percent % Tax provision before adjustments Interest from municipal bonds % Nondeductible stock compensation % Nondeductible fines % Income tax provision % You have been assigned to compute the income tax provision for Tulip City Flowers Inc. (TCF) as of December 31, 2019. The company's income statement for 2019 is provided below: (Leave no answer blank. Enter zero if applicable.) Tulip City Flowers Inc. Statement of Operations at December 31, 2019 Net sales Cost of sales Gross profit Compensation Selling expenses Depreciation and amortization Other expenses Total operating expenses Income from operations Interest and other income Income before income taxes $20,000,000 12,000,000 $ 8,000,000 $ 500,000 750,000 1,250,000 1,000,000 $ 3,500,000 $ 4,500,000 25,000 $ 4,525,000 You identified the following permanent differences: Interest income from municipal bonds Nondeductible stock compensation Nondeductible fines $10,000 $ 5,000 $ 1,000 TCF prepared the following schedule of temporary differences from the beginning of the year to the end of the year: Taxable Temporary Differences Accumulated depreciation Tulip City Flowers Inc. Temporary Difference Scheduling Template BOY Current Deferred Year Taxes $(1,050,000) $(500,000) Change EOY Cumulative T/D $(5,500,000) EOY Deferred Taxes $(1,155,000) Deductible Temporary Differences Allowance for bad debts Prepaid income BOY Deferred Taxes $21,800 Current Year Change $10,000 20,000 EOY Cumulative T/D $110,000 20,000 EOY Deferred Taxes $23,100 4,200 Deferred compensation Accrued pension liabilities Total 10,500 105,000 $136,500 10,000 100,000 $140,000 60,000 600,000 $790,000 12,600 126,000 $165,900 Required: a. Compute TCF's current income tax expense or benefit for 2019. b. Compute TCF's I income tax expense or benefit for 2019. c. Prepare a reconciliation of TCF's total income tax provision with its hypothetical income tax expense of 21 percent in both dollars and rates. Required: a. Compute TCF's current income tax expense or benefit for 2019. b. Compute TCF's deferred income tax expense or benefit for 2019. c. Prepare a reconciliation of TCF's total income tax provision with its hypothetical income tax expense of 21 percent in both dollars and rates. Complete this question by entering your answers in the tabs below. Req A and B Reqc a. Compute TCF's current income tax expense or benefit for 2019. b. Compute TCF's deferred income tax expense or benefit for 2019. a. b. Total income tax provision Required: a. Compute TCF's current income tax expense or benefit for 2019. b. Compute TCF's deferred income tax expense or benefit for 2019. c. Prepare a reconciliation of TCF's total income tax provision with its hypothetical income tax expense of 21 percent in both dollars and rates. Complete this question by entering your answers in the tabs below. Req A and B Reqc Prepare a reconciliation of TCF's total income tax provision with its hypothetical income tax expense of 21% in both dollars and rates. (Round your percentage answers to 2 decimal places. Amounts to be deducted should be indicated by a minus sign.) Reconciliation of Effective Tax Rate Dollars Percent % Tax provision before adjustments Interest from municipal bonds % Nondeductible stock compensation % Nondeductible fines % Income tax provision %