In accounting for income taxes, which of the following procedures does GAAP require? Select one: a. Computation of income tax expense based on taxable income b. Computation of deferred income tax based on temporary and permanent differences c. Computation of deferred tax assets and liabilities based on temporary differences d. Computation of deferred income tax based on permanent differencesWhen applying the retrospective approach in financial reporting, how many periods do you have to go back in time? Select one: a. The oldest year presented in comparative financial statements b. The most recent profitable year in comparative financial statements c. The newest year presented in comparative financial statements d. The year in which the company began operations