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Because Gene Co. uses different methods to depreciate buildings for financial statement and income tax purposes, Gene has temporary differences that will reverse during the
Because Gene Co. uses different methods to depreciate buildings for financial statement and income tax purposes, Gene has temporary differences that will reverse during the next year and reduce taxable income. Deferred income taxes that are based on these temporary differences should be classified in Genes balance sheet as a:
Multiple Choice
Noncurrent liability.
Current liability.
Noncurrent asset.
Current asset.
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