The income tax disclosure note accompanying the January 31, 2014, financial statements of Walmart is reproduced below:

Required:
1. Focusing on only the first part of Note 9, relating current, deferred, and total provision for income taxes, prepare a summary journal entry that records Walmart's 2014 tax expense associated with income from continuing operations.
2. Compare the change in deferred taxes you recorded in your summary journal entry to the actual change in Walmart's net deferred tax liability for fiscal 2014. Do they reconcile? What besides continuing operations might affect deferred taxes?

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Note 9. Taxes (in part) Income from Continuing Operations Fiscal Year Ended January 31 (Amounts in millions) 2014 2013 2012 Current: U.S. federal U.S. state and loca International $6,377 719 1,523 8,619 $5,611 1,743 7,976 38 (48) (18) $7,958 $4,596 743 1,383 6,722 Total current tax provision Deferred: U.S. federal U.S. state and local International 1,444 57 (299) 1,202 $7,924 (72) 37 (479) (514) $8,105 Total deferred tax expense (benefit) lotal I provision for income taxes Deferred Taxes The significant components of the Company's deferred tax account balances are as follows January 31 Amounts in millions) 2014 2013 Deferred tax assets: Loss and tax credit carryforwards Accrued liabilities Share-based compensation Other S 3,566 2,986 126 1,573 S 3,525 2,683 204 1,500 Total deferred tax assets Valuation allowances Deferred tax assets, net of valuation allowance Deferred tax liabilities: 8,251 1,801) S 6,450 7,912 (2,225) S 5,687 Property and equipment Inventories Other $ 6,295 1,641 1,827 S 5,830 1,912 1,157 8,899 9,763 S 3,313 Total deferred tax liabilities Net deferred tax liabilities S 3,212