Brady's listing of deferred tax assets and liabilities includes the following for operations in the tax jurisdictions of Tambura and Nileboo:

Tambura:

Deferred tax asset of $14 million

Valuation allowance of $11 million

Deferred tax liability of $23 million

Nileboo:

Deferred tax asset of $45 million

Deferred tax liability of $12 million

Brady files separate tax returns in Tambura and Nileboo. Bradys balance sheet would include the following disclosure of deferred tax assets and liabilities:

Multiple Choice

• A deferred tax liability of $20 million and a deferred tax asset of $33 million.

• A deferred tax liability of $37 million and a deferred tax asset of $50 million.

• A deferred tax asset of $13 million.

• A deferred tax liability of $26 million and a deferred tax asset of $39 million.