Access Ford Motor Company's Annual Report for 2011 from the company's website (www.ford.com). What amount of valuation allowance against its deferred tax assets did the company release in 2011? What reasons did management give for releasing the valuation allowance? (Hint: Read Management's Discussion and Analysis and the Income Taxes footnote.) What impact, if any, did release of the valuation allowance have on the company's effective tax rate for 2011? Why did the valuation allowance release affect (not affect) the company's ETR?