Question 20&21

Question 20 1 pts A company has four "deferred income tax" situations arising from timing differences involving current assets, noncurrent assets, current liabilities, and noncurrent liabilities. Under the FASB's current standards, the presentation of these four "deferred income tax" situations in the statement of financial position should be shown as A single net noncurrent amount A net current amount and a net noncurrent amount Four amounts with no netting permitted Valuation adjustments to the related assets and liabilities that gave rise to the deerred taxes Question 21 1 pts When it is more likely than not that the full benefit of a deferred tax asset will not be realized, The asset's benefit should reduced by the estimated tax rate. The asset should not be recognized until it is probable that the benefit will be realized The asset should be recognized, but an allowance made for any portion not expected to be realized The benefit should be recognized as an extraordinary item. 1 pts Question 22 MacBook Air