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Danna Spice Inc. has the following Deferred tax assets and liabilities.
Deferred Tax Assets Deferred Tax Liabilities
Allowance for bad debts $72,450 Depreciation (2,100,000)
Reserve for warranties 90,300
Net Operating loss carry-forward 5,040
Deferred Compensation 252,000
Contributions carry-forward 0
Capital Loss carry-forward 0
Valuation allowance for deferred tax assets 0
Deferred tax assets, net of valuation allowance $419,790 Total Deferred Tax Liabilites $(2,100,000)
What should Danna Spice Inc. recognize on the balance for these deferred tax assets and liabilities?
a. Both the Net Deferred tax asset of $419,790 and the deferred tax liability would be reported in the respective asset and liability sections of the balance sheet.
b. Only the Net Deferred tax asset would be reported as $419,790.
c. Only the net of the deferred tax assets and liabilities would be reported as a deferred tax liability of $1,680,210.
d. Only the Net Deferred tax liability would be reported as $2,100,000.
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