1. What was Emersons 2022 effective income tax rate?

2. What was Emersons tax obligation to all governments based on its 2022 taxable income?

3. At the beginning of the 2022 fiscal year, Emerson had a deferred tax liability. Based on the above information by how much would you expect Emersons net deferred tax liability to increase or decrease? Explain in 1-2 sentences why?

Years ended September 30 (Dollars and shares in millions, except per share amounts) \begin{tabular}{|c|c|c|c|} \hline & 2020 & 2021 & 2022 \\ \hline Net sales & $16,785 & 18,236 & 19,629 \\ \hline Cost of sales & 9,776 & 10,673 & 11,441 \\ \hline Selling, general and administrative expenses & 3,986 & 4,179 & 4,248 \\ \hline Gain on subordinated interest & - & - & (453) \\ \hline Gain on sale of business & - & - & (486) \\ \hline Other deductions, net & 532 & 318 & 601 \\ \hline \begin{tabular}{l} Interest expense, net of interest income of: 2020,$19; \\ 2021,$12;2022,$35 \end{tabular} & 156 & 154 & 193 \\ \hline Earnings before income taxes & 2,335 & 2,912 & 4,085 \\ \hline Income taxes & 345 & 585 & 855 \\ \hline Net earnings & 1,990 & 2,327 & 3,230 \\ \hline \end{tabular} The principal components of income tax expense follow: Years ended September 30 (Dollars and shares in millions, except per share amounts) \begin{tabular}{|c|c|c|c|} \hline & 2020 & 2021 & 2022 \\ \hline Net sales & $16,785 & 18,236 & 19,629 \\ \hline Cost of sales & 9,776 & 10,673 & 11,441 \\ \hline Selling, general and administrative expenses & 3,986 & 4,179 & 4,248 \\ \hline Gain on subordinated interest & - & - & (453) \\ \hline Gain on sale of business & - & - & (486) \\ \hline Other deductions, net & 532 & 318 & 601 \\ \hline \begin{tabular}{l} Interest expense, net of interest income of: 2020,$19; \\ 2021,$12;2022,$35 \end{tabular} & 156 & 154 & 193 \\ \hline Earnings before income taxes & 2,335 & 2,912 & 4,085 \\ \hline Income taxes & 345 & 585 & 855 \\ \hline Net earnings & 1,990 & 2,327 & 3,230 \\ \hline \end{tabular} The principal components of income tax expense follow