Global, Inc Required:
A

Essay

Global, Inc. provides consulting services throughout the world. The company pays taxes to the nation where revenues are earned. Information about the company's taxes are presented below:
$\begin{array}{c}\begin{array}{lll} \text {Global, Inc.}\\ \text {Conponents of Incone Tax Expense }\\ \text {(in millions)}\\\\ \text {Current - Federal}\\ \text {- Foreigr}\\ \text {- State andLocal}\\ \text {Total Curent}\\\\ \text {Deferred - Federal}\\ \text {- Foreign}\\ \text {Total Deferred}\\\\ \text {Total Income Tax Expense}\\\\ \text {Coniponents of Income before Taxes }\\ \text {UnitedStates}\\ \text {Foreign}\\ \text {Total}\end{array}\begin{array}{l}\\\\\\2012 \\\$ 35.60 \\53.86 \\\underline{17.15}\\\$ 106.61\\\\\$ 10.56 \\\underline {\$ 3.28 }\\ \$13.84\\\\\underline{\$ 120.45 }\\\\2012 \\\$ 155.45 \\\underline{142.85} \\\$ 298.30\end{array}\begin{array}{l}\\\\\\2011 \\\$ 29.80 \\65.85 \\\underline{15.28}\\\$ 110.93\\\\\$ 8.54 \\\underline {\$ 6.57 }\\\$15.11\\\\\underline{\$ 126.04 }\\\\2011 \\\$ 150.29 \\\underline{134.5} \\\$ 284.79\end{array}\end{array}$
Required:
a. Using the information provided for Global, prepare the comp any s jounal entiy to record income taxes for 2012 and 2011
b. Using the information provided for Global, determine the company's effective tax rate for 2012 and 2011.