Reformulation for Deferred Tax Asset Valuation Allowance Under Armour Inc. reports total tax expense of $154,112 thousand on its income statement for year ended December 31, 2015, and paid cash of $99,708 thousand for taxes. The tax footnote in the company's 10-K filing, reports the following deferred tax assets and liabilities information December 31(5 thouands) 2015 2014 Deferred tax assets Stock-based compensation $ 41,960 $ 36,715 Allowance for doubtful accounts and other reserves 35.375 26,328 Accrued expenses 19.999 11,398 Foreign net operating loss carryforward 19,600 16.302 Deferred rent 13,991 11,005 Inventory obsolescence reserves 11,956 8,198 Tax basis inventory adjustment 10.019 5,845 US net operating loss carryforward 9.217 4.733 Foreign tax credits 6,151 5131 State tax credits, net of foreign impact 4.966 4,245 Deferred compensation 2,080 1,858 Other 6,346 4.592 Total deferred tax assets 181.660 136,350 Less valuation allowance 223.899) (15.405) Total net deferred tax assets 157,761 120.946 Deferred tax ability Property plant and equipment (31,06% (17638) Intangible asset (22.820) 67,010) Prepaid expenses 8.766) 06.420 Other (527) (612) Total deferred tax liabilities Total deferred tax assets.net $94.479 389.200 Use the above information along with the information below to answer the requirements. thousands Deferred tax asset $66.007 $ 107,931 sation allowance 4110 7,748 Type here to search AGA 9:22 PM 24 /1/2020 4 5 6 7 8 9 Use the above information along with the information below to answer the requirements. sthousands Deferred tax asset Valuation allowance 2012 $ 66,007 $ 107,931 4,110 7,748 a. Use the four year average valuation allowance to deferred tax assets (2012 through 2015) to reformulate the income statement for each of the four years 2012-2015. See Analyst Adjustments 10.3 for guidance in the reformulation process. Compute four year average of valuation allowance/deferred tax assets Round to one decimal place (exc 0.2345 23.5%) Support Use rounded percentage for subsequent computations Round answers to the nearest whole number Use negative signs with answers to indicate adjustments that reduce account balances. Income Statement Adjustments 2012 2013 b. Reformulate the balance sheet for each of the four years 2012-2015 Use rounded answers computed in part a to complete the table below. Use negative signs with answers to indicate adjustments that reduce account balances Balance Sheet Adjustments 2012 2013 2014 Deferred taxes Total assess A . 1000 Check Type here to search Reformulation for Deferred Tax Asset Valuation Allowance Under Armour Inc. reports total tax expense of $154,112 thousand on its income statement for year ended December 31, 2015, and paid cash of $99,708 thousand for taxes. The tax footnote in the company's 10-K filing, reports the following deferred tax assets and liabilities information December 31(5 thouands) 2015 2014 Deferred tax assets Stock-based compensation $ 41,960 $ 36,715 Allowance for doubtful accounts and other reserves 35.375 26,328 Accrued expenses 19.999 11,398 Foreign net operating loss carryforward 19,600 16.302 Deferred rent 13,991 11,005 Inventory obsolescence reserves 11,956 8,198 Tax basis inventory adjustment 10.019 5,845 US net operating loss carryforward 9.217 4.733 Foreign tax credits 6,151 5131 State tax credits, net of foreign impact 4.966 4,245 Deferred compensation 2,080 1,858 Other 6,346 4.592 Total deferred tax assets 181.660 136,350 Less valuation allowance 223.899) (15.405) Total net deferred tax assets 157,761 120.946 Deferred tax ability Property plant and equipment (31,06% (17638) Intangible asset (22.820) 67,010) Prepaid expenses 8.766) 06.420 Other (527) (612) Total deferred tax liabilities Total deferred tax assets.net $94.479 389.200 Use the above information along with the information below to answer the requirements. thousands Deferred tax asset $66.007 $ 107,931 sation allowance 4110 7,748 Type here to search AGA 9:22 PM 24 /1/2020 4 5 6 7 8 9 Use the above information along with the information below to answer the requirements. sthousands Deferred tax asset Valuation allowance 2012 $ 66,007 $ 107,931 4,110 7,748 a. Use the four year average valuation allowance to deferred tax assets (2012 through 2015) to reformulate the income statement for each of the four years 2012-2015. See Analyst Adjustments 10.3 for guidance in the reformulation process. Compute four year average of valuation allowance/deferred tax assets Round to one decimal place (exc 0.2345 23.5%) Support Use rounded percentage for subsequent computations Round answers to the nearest whole number Use negative signs with answers to indicate adjustments that reduce account balances. Income Statement Adjustments 2012 2013 b. Reformulate the balance sheet for each of the four years 2012-2015 Use rounded answers computed in part a to complete the table below. Use negative signs with answers to indicate adjustments that reduce account balances Balance Sheet Adjustments 2012 2013 2014 Deferred taxes Total assess A . 1000 Check Type here to search