Part 2: This week's assignment will be a draft of Part 2 of the portfolio project. The final version of Part 2 of the project is due, along with Part 1, in their final versions with Part 3 as the Portfolio Project for this class. Please use the provided excel template to calculate the below: Alexandria has also requested that you compute the income tax provision for Florida Chocolate Inc. as of December 31, 20x3. The company's income statement for 20x3 is provided below: Florida Chocolate Inc. Statement of Operations at December 31, 20x3 Net sales $20,000,000 Cost of sales 12,000,000 Gross profit 8,000,000 Compensation 500,000 Selling expenses 750,000 Depreciation and amortization 1,250,000 Other expenses 1,000,000 Total operating expenses 3,500,000 Income from operations $4,500,000 Interest and other income 25,000 Income before income taxes $4,525,000 You have identified the following permanent differences: Interest income from municipal bonds $10,000 Nondeductible stock compensation 5,000 Nondeductible fines 1,000 Florida Chocolate Inc. prepared the following schedule of temporary differences from the beginning of the year to the end of the year: Florida Chocolate Inc. Temporary Difference Scheduling Template BOY Current EOY EOY Taxable Deferred Year Cumulative Deferred Temporary Differences Taxes Change T/D Taxes Accumulated depreciation (1,050,000) (500,000) (5,500,000) (1,155,000) BOY Current EOY EOY Deductible Deferred Year Cumulative Deferred Temporary Differences Taxe