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You have been assigned to compute the income tax provision for Tulip City Flowers, Inc. (TCF) as of December 31, 2019. The company's federal income tax rate is 21%. The company's income statement for 2019 is provided below: Tulip City Flowers, Inc. Statement of Operations For the Year Ending December 31, 2019 Net sales Cost of sales Gross profit $20,000,000 12.000.000 3.000.000 Compensation Selling expenses Depreciation and amortization Other expenses Total operating expenses Income from operations Interest and dividend Income Income before income taxes 500.000 750.000 1,250,000 1.000.000 3.500.000 $4,500 do 25.000 $4.525.000 You have identified the following temporary and permanent differences Interest income from municipal bonds: $10,000 Tax depreciation in excess of book depreciation due to MACRS and Sec 17: $100.000 Keyman life insurance premiums 55.000 Dividends received from ABC Inc, KTOF owns 1 ABC Ind stocle: $8,000 Nondeductible fines. $1.000 Required: 1. Based upon the above, what is Tulip City Flowers The la taxable income for the year ended December 31, 20192 2. Compute Tulip City Flowers Inc is current income tax expense (tax per corporate tax return) 3. Compute Tulip City Flowers Inals deferred income tax expense or benefit 4. Prepare the journal entries for the income tax provision

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