Homestake Mining Company is a 120 -year-old international gold mining company with substantial gold mining operations and exploration in the United States, Canada, and Australia. At year-end, Homestake reported the following items specific asset or liability are classified based on the estimated period of reversal. Tax loss carryforwards (U.S., Canada, Australia, and Chile) $71,151 Tax credit carryforwards $12,007 1. What is the significance of Homestake's disclosure of "Current taxes" of $26,349 and "Deferred taxes" of $(39,436) ? 2. Explain the concept behind Homestake's disclosure of gross deferred tax liabilities (future taxable amounts) and gross deferred tax assets (future deductible amounts). 3. Homestake reported tax loss carryforwards of $71,151 and tax credit carryforwards of $12,007. How do the carryforward provisions affect the reporting of deferred tax assets and deferred tax liabilities