Supra Incorporated estimates total federal and state tax rates to be 40 percent. Expected annual pretax earnings from continuing operations are $1,295,000. Differences between tax income and financial statement income are expected to be the following: Dividend exclusion for dividends received on the company's stock investments $ 81,000 Tax-exempt income received 21,100 Premiums for life insurance on officers for which the company is the beneficiary 12,900 A business tax credit of $41,400 should be available. Supra's first-quarter pretax earnings is $186,000, which includes a loss from discontinued operations of $31,200 before any tax effect of that loss. Required: Estimate Supra's effective combined federal and state tax rate on income from continuing operations for the year. Prepare the entry to record the tax provision for the income from continuing operations for the first quarter