26) It is impossible for a company to have future taxable amounts, future deductible amounts and a permanent difference all occurring in the same period. (True/False)

27) The computation to determine income tax payable is not impacted by temporary differences or permanent differences. (True/False)

28) A company has a deferred tax liability due to different depreciation methods used in determining financial income and taxable income. In all years, the income tax expense will be greater than the income tax payable. (True/False)

29) Assuming a company has a temporary difference, the deferred tax will be disclosed on both the balance sheet and income statement. (True/False)

30) A company recorded a deferred tax liability in 2021 in the amount of $500. $200 of the deferred tax liability will reverse in 2022 and $300 of the deferred tax liability will reverse in 2023. In a statement of cash flows using the indirect method, the decrease in the deferred tax liability of $300 should be deducted from net income in arriving at cash from operating activity. (True/False)