McGee Corporation is a privately held company and has a March 31st fiscal year end. McGee has correctly recognized $400,000 as a deferred tax asset as of 3/31/22. The company also has a deferred tax liability of $300,000. The controller is unsure if the Deferred Tax Asset & Liability should be presented as current or noncurrent in the 3/31//22 balance sheet. Also, the controller is wondering if the Deferred Tax Asset can be offset against the Deferred Tax Liability to show a net Deferred Tax Asset of $100,000. Accounting Issue I: Should the Deferred Tax Asset and Liability be shown as Current or Non Current in the Balance Sheet? 1. Codification Reference: 2. Your interpretation of the guidance: The Deferred Tax Asset and Deferred Tax Lability should be shown as____________ a. Current b. Non-Current Accounting Issue II: Is McGee Corporation permitted to offset the Deferred Tax Asset and Liability in the Balance Sheet? 1. Codification Reference: 2. Your interpretation of the guidance: Is McGee Corporation permitted to offset the Deferred Tax Asset and Liability in the Balance Sheet? a. Yes b. No