Discussion
1. Calculate the amount of temporary difference for the year and indicate whether it causes book income to be more or less than taxable income.
2. Calculate the amount of permanent difference for the year and indicate whether it causes book income to be more or less than taxable income.
3. Provide the journal entry to record income tax expense for the year.
4. Compute the effective tax rate (that is, income tax expense divided by book income before taxes).
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.