Computing Current & Deferred Tax Provision Facts: Company FP ("FP") in its first year has pre-tax book income for the year ended December 31, 2020 of $500,000 FPs federal tax rate is 21% and the state tax rate is 10% FP has tax-exempt interest income of $2,000 FP has total meals and entertainment expense of $24,000, 50% of which is deductible for tax purposes FP has accrued bonus expense of $40,000 as of 12/31/2020, no qualifying payments were made within 2.5 months of year-end On 1/1/2020, FP purchased equipment for $150,000. The useful life of the equipment for book and tax purposes is 3 and 5 years, respectively assume straight line depreciation for both book and tax for a full year) Based on all available evidence FP has concluded that it is more likely than not that it will realize any DTA recorded at December 31, 2020 (no valuation allowance necessary) FP has recorded a zero balance in the current tax payable account balance at 1/1/2020 FP has recorded a zero balance in the deferred tax account balance at 1/1/2020 FP has not recorded any income tax provision entries during 2020, prior to this exercise FP has not made any estimated tax payments in 2020 HINT - FP will get a current federal deduction for any state tax paid to be paid in the current year HINT - When calculating the federal DTAIDTL, FP will need to account for the potential future state tax deduction (federal benefit of state, or FBOS) from the existing state DTAIDTL 1. What is FP's total current taxes payable and current tax expensel(benefit) for 2020? 2. What is FP's DTAIDTL (federal and state) and deferred tax expenselbenefit) for 2020? 3. What is FP's total income tax expensel(benefit) for 2020? 4. What is FP's effective tax rate (ETR) for 2020? 5. What journal entries does FP record at 12/31/20