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Eldor Corporation is a railway and motor carrier with 2018 operating revenues of approximately $4.8...

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Accounting

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Eldor Corporation is a railway and motor carrier with 2018 operating revenues of approximately $4.8 billion. Footnote 3 to the financial statements provided the following: The provision for income taxes consists of the following (in millions of dollars) 2018 2017 Current $287.8 41.6 329.4 Federal $282.6 52.7 335.3 Total current Deferred Federal State 79.2 17.9 97.1 $426.5 57.8 8.9 66.7 $402.0 Total deferred Total Required: a. Provide the journal entry to record income tax expense for 2018 b. Assume the "effective" (i.e., average) tax rate for Eldor in 2018 was 32%, and that the permanent differences for that year were $25.0 (in millions of dollars) - due to tax exempt interest received. What was Eldor's net income for 2018? c. The account taxes payable decreased by $50.0 (in millions of dollars) during 2018. What were Eldor's tax pavments for the vear

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