$-62$ Valuation Allowance. In the current year, Alpha Corporation generated $$500,000$ of ordinary operating income and incurred a $$20,000$ capital loss on the sale of marketable securities from its investment portfolio. Alpha expects to generate $$500,000$ of ordinary operating income in each of the next five years. Alpha incurred no capital gains in its previous three years, so it must carry ove the $$20,000$ capital loss for up to five years. Alpha estimates that its remaining marketable securities will produce a $$12,000$ capital gain if sold. Thus, Alpha determines that, more likely than not, the corporation will not realize $($deduct$)$ $$8,000$ of the current year capital loss. Alpha has no other book$-$tax differences and is subject to a $34\%$ tax rate.

Required:

a$.$ Determine Alpha's deferred tax asset and valuation allowance for the current year.

b$.$ Determine Alpha's current federal income tax expense, deferred federal income tax expense $($benefit$),$ total federal income tax expense, and federal income taxes payable.

c$.$ Prepare the journal entry necessary to record the above amounts.

d$.$ Prepare a tax provision reconciliation and effective tax rate reconciliation for the current year.