An insurance company received in the current year insurance in advance for the next 2 years. In its accounting income the insurance revenue will be recognized over the next two years. For tax purposes, the insurance is taxable when received. This situation would require which of the following? As it is a permanent difference, no deferred tax asset or liability should be created Creating a deferred tax asset Creating a deferred tax liability The above situation does not create any difference between accounting and taxable income