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 is presented below:

\begin{array}{l}\begin{array}{lll}\text {Global, Inc.}\\\text {Components of Income Tax Expense}\\\text { (in millions)}\\\\\text {Current - Federal}\\\text {- Foreign}\\\text {- State and Local}\\\text {Total Current}\\\text {Deferred - Federal}\\\text {- Foreign}\\\text {Total Deferred}\\\text {Total Income Tax Expense}\\\text {Components of Income before Taxes}\\\text {United States}\\\text {Foreign}\\\text {Total}\\\end{array}\begin{array}{lll}\\\\\\\mathbf{2 0 1 2} & \mathbf{2 0 11} \\\$ 35.60 & \$ 29.80 \\53.86 & 65.85 \\\underline{17.15} & \underline{15.28}\\\$ 106.61 & \$ 110.93 \\\$ 10.56 & \$ 8.54 \\\underline{328} &\underline{ 657}\\\$ 13.84 & \$ 15.11 \\\underline{ \$ 120.45 }& \underline{\$ 126.04} \\\mathbf{2 0 1 2} & \mathbf{2 0 11} \\\$ 155.45 & \$ 150.29 \\\underline{142.85} & \underline{134.50}\\\underline{ \$ 298.30} & \underline{\$ 284.79} \end{array}\end{array}

Required:
a.Using the information provided for Global,prepare the company's journal entry 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.

All of the Following Are Most Likely to Change the FMV

Multiple Choice

Correct Answer:VerifiedUnlock this answer nowGet Access to more Verified Answers free of chargeAccess For Free

Correct Answer:
Verified
Unlock this answer now
Get Access to more Verified Answers free of charge