Flying High Limited has a pre-tax accounting profit of US$250,000 for the year ended 31 December 20X9. Included in that pre-tax profit figure is book depreciation expense of US$15,000 for an asset purchased 1 January 20X9 costing US$75,000. The allowable tax deprecation for that asset is US$25,000 for 20X9. The tax rate for Flying High Limited is 30%. What are the amounts representing the entity's taxable profit, taxable temporary difference, and deferred tax liability, respectively, for 20X9? Solution A.Taxable profit = US$250,000; taxable temporary difference = US$0; deferred tax liability = US$0. B.Taxable profit = US$225,000; taxable temporary difference = US$25,000; deferred tax liability = US$7,500. C.Taxable profit = US$235,000; taxable temporary difference = US$15,000; deferred tax liability = US$4,500. D.Taxable profit = US$240,000; taxable temporary difference = US$10,000; deferred tax liability = US$3,000