Marytown Energy, an electric utility, reports the following information about its income taxes for three recent years (amounts in millions of U.S. dollars):

a. Give the journal entries that Marytown Energy made to record income tax expense for 2011, 2012, and 2013.
b. Describe the likely reasons for Marytown Energy€™s pattern of taxes currently payable and deferred for each year. Assume that deferred taxes relate primarily to depreciation temporary differences, and that Marytown Energy€™s effective tax rate was relatively stable over2011€“2013.

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2011 s(96) 344 (74 368 Components of Income Tax Expense 2013 2012 Currently Payable $ 46 $415 $390 $341 $272