The Carol Chemical Company disclosed a valuation allowance of $1,061 million related to various deferred tax assets on December 31 of the current year. The valuation allowance had a balance of $1,000 million on January 1 of the current year. What effect did this increase in the allowance have on Carol Chemical's net income for the current year? Select one: a. Increase net income by $1,000 million b. Increase net income by $61 million c. Decrease net income by $61 million d. None of these are correct e. Decrease net income by $1,000 million Micro Corp. reported a statutory tax rate of 35% and an effective tax rate of approximately 15%. The current year's income statement reported income tax expense of $2,953 million. What did Micro report as income before income tax expense that year? Select one: a. $19,687 million b. None of these are correct c. $27,054 million d. $8,437 million e. $1,034 million