Exercise 14-24 (Algorithmic) (LO. 6) RadioCo, a domestic corporation, reports a deferred tax asset relating to receivables of $146,000 and a deferred tax liability relating to cost recovery of $189,800. How and where on the GAAP financial statement will RadioCo report these items? On the GAAP balance sheet Radioco reports the deferred tax amounts as noncurrent Radio Co nets the deferred tax asset and deferred tax liability and report a $ deferred tax liability Feedback Check My Work The total book tax expense under ASC 740 is made up of both current and deferred components. Theoretically, the current tax expense represents the taxes actually payable to (or refund receivable from) the governmental authorities for the current period. The deferred component of the book tax expense is called the deferred tax expense or deferred tax benefit. This component represents the future tax cost (or savings) connected with income reported in the current-period financial statement. Deferred tax expense or benefit is created as a result of temporary differences. eBook Exercise 9-15 (Algorithmic) (LO. 5) By the end of 2017, Klein, a domestic corporation, had accumulated $12,555,000 in cash from the overseas operations of its Liberia subsidiary. Klein made no distributions of this accumulated E & P during 2017. Compute the one-time transition tax liability that was incurred by Klein