Supra Incorporated estimates total federal and state tax rates to be 40 percent. Expected annual pretax earnings from continuing operations are $1,200,000. Differences between tax income and financial statement income are expected to be the following: A business tax credit of $40,000 should be available. Supra's first-quarter pretax earnings is $170,000, which includes a loss from discontinued operations of $30,000 before any tax effect of that loss. Required: a. Estimate Supra's effective combined federal and state tax rate on income from continuing operations for the year. b. Prepare the entry to record the tax provision for the income from continuing operations for the first quarter. Complete this question by entering your answers in the tabs below. Estimate Supra's effective combined federal and state tax rate on income from continuing operations for the year. Note: Round tax rate to whole percentage. Prepare the entry to record the tax provision for the income from continuing operations for the first quarter. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Use the tax rate calculated in part a. Journal entry worksheet Record the tax provision for the income from continuing operations. Note: Enter debits before credits. Supra Incorporated estimates total federal and state tax rates to be 40 percent. Expected annual pretax earnings from continuing operations are $1,200,000. Differences between tax income and financial statement income are expected to be the following: A business tax credit of $40,000 should be available. Supra's first-quarter pretax earnings is $170,000, which includes a loss from discontinued operations of $30,000 before any tax effect of that loss. Required: a. Estimate Supra's effective combined federal and state tax rate on income from continuing operations for the year. b. Prepare the entry to record the tax provision for the income from continuing operations for the first quarter. Complete this question by entering your answers in the tabs below. Estimate Supra's effective combined federal and state tax rate on income from continuing operations for the year. Note: Round tax rate to whole percentage. Prepare the entry to record the tax provision for the income from continuing operations for the first quarter. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Use the tax rate calculated in part a. Journal entry worksheet Record the tax provision for the income from continuing operations. Note: Enter debits before credits