Permanent differences between financial and taxable income Select one: O a Can give rise to deferred tax assets only but not deferred tax liabilities O b. Can give rise to deferred tax liabilities only but not deferred tax assets O cDo not give rise to any deferred taxes (neither assets nor liabilities) O d. Can give rise to both deferred tax assets and liabilities. In 2013. XYZ Company had pretax financial income of $220,000, and taxable income of $204.000. The difference between financial and taxable income was expected to reverse in 2014. The enacted tax rate was 35% for 2013 and 40% for 2014. At the end of 2013, XYZ should recognize Select one: O a A deferred tax asset of $5,600 O b. A deferred tax liability of $6,400 O c. A deferred tax asset of $6,400 Od A deferred tax liability of $5.600 Use the information below to answer the following two items Kogod Corp. had pretax financial income of $345.000 for 2015. The company is subject to a 30% tax rate. The following differences between financial and taxable income occurred during the year. Kogod received $40,000 proceeds from an insurance policy on its executives as a result of the CFO's illness that caused him to resign. The amount received, which was credited to financial income, is not taxable. Kogod received $24.000 rent in advance for a building it owns and rents out. The amount received (which covers 2016 and 2017) is taxable in the current year (2015) First Question: What is Kogod's taxable income for the current year (2015) Select one: O a $281,000 O b. $329,000 O c. $361,000 O d. $409,000 Second Question: What deferred taxes does Kogod have to recognize in the current year (2015)? Select one: 0 a $7.200 deferred tax asset O b. $12.000 deferred tax liability and $7,200 deferred tax asset O c. $7.200 deferred tax liability and $12,000 deferred tax asset. O d. $19.200 deferred tax asset