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Following are three Carb O% Nation (the Companyl financial statement excerpts, with Year 5 being the most current year. Note 14: income Taxes income before income taxes consisted of the following (in millions). A reconciliation of the statutory U.S. federal tax rate and our effective tax rate is as follows: Required a. If the Company had no permanent or temporacy dafferences, and all eafnings were subject to the federal statutory income tax rate, for what amount would the Company record income tax expense in Year 5 ? -Note: Round your answer to the nearest million dollars. -Note: Do not use a negative sign with your answer. Year 5 income tax expense: 3 million. b. Identify three sources and their percentage effects on income taxes that caused the Company's effective tax rate in Year 5 to differ from the federal statutory rate of 35%. -Note: Use a negative sign to indicate a decrease in the effective tax rate. -Note: Enter the percent one digit after the decimat for example, enter 8.4W. c. By how much did the Company increase or decrease its valuation allowance in Year 5 ? How did the valuation allowance as a percentage of deferred tax assets (gross) change from Year 4 to Year 5 ? -Note. Do not use a negative sign with your answers. The Compary its valuation allowance in Year 5from1 million to s million. From this analysis, it appears that the company has assumptions for the recoverability of its tax assets in Year 5 compared to the prior year. Following are three Carb O% Nation (the Companyl financial statement excerpts, with Year 5 being the most current year. Note 14: income Taxes income before income taxes consisted of the following (in millions). A reconciliation of the statutory U.S. federal tax rate and our effective tax rate is as follows: Required a. If the Company had no permanent or temporacy dafferences, and all eafnings were subject to the federal statutory income tax rate, for what amount would the Company record income tax expense in Year 5 ? -Note: Round your answer to the nearest million dollars. -Note: Do not use a negative sign with your answer. Year 5 income tax expense: 3 million. b. Identify three sources and their percentage effects on income taxes that caused the Company's effective tax rate in Year 5 to differ from the federal statutory rate of 35%. -Note: Use a negative sign to indicate a decrease in the effective tax rate. -Note: Enter the percent one digit after the decimat for example, enter 8.4W. c. By how much did the Company increase or decrease its valuation allowance in Year 5 ? How did the valuation allowance as a percentage of deferred tax assets (gross) change from Year 4 to Year 5 ? -Note. Do not use a negative sign with your answers. The Compary its valuation allowance in Year 5from1 million to s million. From this analysis, it appears that the company has assumptions for the recoverability of its tax assets in Year 5 compared to the prior year