PM Tue Feb 23 100% Question 6 of 20 : Select the best answer for the question 6. A reconciliation of pretax financial statement income to taxable income is shown here for Chan, Inc. for the year ended December 31, 2018, its first year of operations. The income tax rate is 40%. Pretax accounting income (income statement): $500,000 Inventory impairments in excess of deductible amount: 40,000 Depreciation in excess of financial statement amount: (120,000) Taxable income (tax return): $420,000 The inventory impairments relate to Chan's Columbian tax return. The depreciation relates to Chan's US tax return. What amount(s) should Chan report related to deferred income taxes in its 2018 balance sheet? A. Noncurrent deferred tax asset of $32,000 B. Noncurrent deferred tax asset of $16,000 and noncurrent deferred tax liability of $48.000 C. Noncurrent deferred tax liability of $32,000 D. Current deferred tax asset of $16,000 and noncurrent deferred tax liability of $48,000 Mark for review (Will be highlighted on the review page) Next Question >>