You have been assigned to compute the income tax provision for Tulip City Flowers Inc. $($TCF$)$

as of December $31,2023.$ The company$$s income statement for $2023$ is provided below:

Net sales $$20,000,000$

Cost of sales $12,000,000$

Gross profit $ $8,000,000$

Compensation $ $500,000$

Selling expenses $750,000$

Depreciation and amortization $1,250,000$

Other expenses $1,000,000$

Total operating expenses $ $3,500,000$

Income from operations $ $4,500,000$

Interest and other income $25,000$

Income before income taxes $ $4,525,000$

You identified the following permanent differences:

Interest income from municipal bonds $$10,000$

Nondeductible stock compensation $5,000$

Nondeductible fines $1,000$

TCF prepared the following schedule of temporary differences from the beginning of the year tothe end of the year

see image for detail

Required:

a$)$ Compute TCF$$s current income tax expense or benefit for $2023.$

b$)$ Compute TCF$$s deferred income tax expense or benefit for $2023.$

Prepare a reconciliation of TCF$$s total income tax provision with its hypothetical income tax expense of $21$ percent in both dollars and rates.