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Supra Incorporated estimates total federal and state tox rates to be 40 percent. Expected aninual pretax earnings from continuing operations are $1,265,000. Differences between tax income and financial statement income are expected to be the following: Dividend exclusion for dividends recelved on the company's stock investants Tax-exenpt incone recelved 586,00021,20012,200 Premiums for ilfe insurance on officers for which the company is the beneficiary A business tox credit of $41,300 should be avallable Supra's first-quarter pretax earnings is $172,000, which includes o loss from discontinued operations of $30,600 before any tox effect of that loss. Required: a. Estimate Supra's effective combined federal and stote tox rate on income from continuing operations for the year b. Prepare the entry to record the tax provision for the income from continuing operations for the first quarter. Complete this question by entering your answers in the tabs below. Estimate Supra's effective combined federal and state tax rate on income from continuing operations for the year. Note: Pound tax rate to whole percentape. Prepare the entry to record the tax provision for the income from continuing operations for the first quarter. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Use the tax rate calculated in part a. Journal entry worksheet Record the tax provision for the income from continuing operations. Notei Eniter debits before credits

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