Beacon Corporation recorded the following deferred tax assets and liabilities:

Current deferred tax assets.......................$650,000

Current deferred tax liabilities...................(400,000)

Non-current deferred tax assets..............1,000,000

Non-current deferred tax liabilities........(2,500,000)

Net deferred tax liabilities.....................$(1,250,000)

All of the deferred tax accounts relate to temporary differences that arose as a result of the company's U.S. operations. Which of the following statements describes how Beacon should disclose these accounts on its balance sheet?

a. Beacon reports a net deferred tax liability of $1,250,000 on its balance sheet

b. Beacon nets the deferred tax assets and the deferred tax liabilities and reports a net deferred tax asset of $1,650,000 and a net deferred tax liability of $2,900,000 on its balance sheet.

c. Beacon can elect to net the current deferred tax accounts and the non-current tax accounts and report a net current deferred tax asset of $250,000 and a net deferred tax liability of $1,500,000 on its balance sheet.

d. Beacon is required to net the current deferred tax accounts and the non-current tax accounts and report a net current deferred tax asset of $250,000 and a net deferred tax liability of $1,500,000 on its balance sheet.