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Additional information: - Tax rate is 200ov for allyears presented - Metias requirements and elected a loss carryback and carryforward in Year 2 - As of December 31, Year 2. Brown determined that it was more ikely than not that the deferred tax asset would be realiced in the futiare What amount did Brown report on Dekember 31, Year 2. as the defered tak asset for the NOL canyfonmand? Select one: a. 560,000 b. 50 c $110,000 a. 850090 Foc a finance lease, the appropriate ASSET value reported in the balance sheet at year-end by the lessee is: Select une, 3. Sum of the lease payments b. Zero, unless a prepayment or accrual is involved c. Falr value of the asset at the beginning of the lease d. Present value of the lease payments When an operating lease is initially recorded at the beginning of a lease, the lessee typically debits what account? Select one: a. Lease expense b. Lease receivable c. Lease liability c. Right-of-use asset Noncounterbalancing errors ate Select one: a. Errors that correct themselves within two consecutive accounting periods b. Errors that reduce net income in a period c. Errors that correct thernselves within five consecutive accounting periods d. Errors that do not correct themselves within two consecutive accounting periods A company shoid acctue a gain contingency and report it on the financial statements ONLY if the likefhood that a lability has been incurred is: Selectione a. Reasenably possibie, and the amount of the gain is known b. Probable, and the amount of the gain can be reasonably estimated C. Probable, and the amourt of the gain is known d. Never accrued, bed moy be disclosed provided that the note does not mslesd financia/ statement users Which of the following would Nor be considered a current liability? Select one: a. Estimated income taxes withheld from salaries and wages of employees b. Cash advances from customers c. Sales taxes collected from customers d. An ucused line of credit