eBook Calculator E Print Item Problem 14-26 (LO. 1, 4) Rubio, Inc., an accrual basis C corporation, reports the following amounts for the tax year. The applicable income tax rate is 30% (combined Federal, stand global). Book income including the items below $80,000 Interest income from City of Westerville bonds 10,000 17,000 Bribes paid to Federal inspectors Liability for anticipated warranty costs (beginning of year) ability for anticipated warranty costs (end of year) 20,000 25,000 a. Rubio's income tax expense is $ 25,500 X, and GAAP income for the year is $ 85,000 X b. Select the appropriate computations as Microsoft Excel commands from below. MAX(0,(BOOK+NETDIFFS*RATE))=CURRENT; DTA_11-DTA1231=DEFERRED; PROVISION=CURRENT-DEFERRED Feedback Check My Work A corporation's financial statements are prepared in accordance with GAAP. The purpose and objectives of these statements are quite different from the objective of the corporation's income tax return. The total book tax expense under ASC 740 (SFAS 109) is made up of both current and deferred components