1.A company ends Year One with a noncurrent deferred income tax liability of $42,000 and a noncurrentdeferred income tax asset of $45,000.The noncurrent asset also has a valuation allowance of $4,000.

On its Year One balance sheet, what is shown for deferred income taxes

A $1,000 deferred income tax liability

A $42,000 deferred liability and a $41,000 deferred asset

A deferred income tax liabilitynoncurrent of $26,000, a deferred income tax assetnoncurrent of $14,000, a deferred income tax liabilitycurrent of $16,000, and a deferred income tax assetcurrent of $27,000

A $12,000 deferred liability-noncurrent and a $11,000 deferred asset-current