Santiago Corp. has 100.000 common shares outstanding with par value of $15 per share. On January 1, 2014. Santiago declares a 3-for-2 stock split. On March 1, 2014 the company distributes the new shares to its shareholders. Santiago needs to record a journal entry for Select one: O a. The declaration of the stock split only O b. The distribution of the new shares only O c. Neither the declaration of the stock split nor the distribution of the new shares. O d. Both the declaration of the stock split and the distribution of the new shares At the end of 2019. Delta Corporation had a deferred tax asset of $20,000. What entry required if it is more likely than not that $9,000 of that deferred tax asset will NOT be realized? Select one: a. Debit income tax expense $9,000, credit deferred tax asset $9,000 O b. Debit income tax payable $9,000, credit allowance for deferred tax asset $9.000 O c Debit income tax expense $9.000 credit allowance for deferred tax asset $9.000 O d. Debit income tax payable $9,000 credit deferred tax asset $9.000 When it is more likely than not that a portion or all of a deferred tax asset may not be realized, the company should recognize Select one: O a. A deferred tax liability O b. Income tax expense O c Income tax payable O d. A valuation allowance Which of the following is NOT true about lease classification for the lessee? Select one: O a. The lessee needs to capitalize the related asset and liability regardless classification of the lease O b. Leases can be classified as either finance operating leases. O cA lessee should classify a lease based on whether the arrangement is effectively a purchase of the underlying asset. O d. A lease involving an asset that has an alternative use should be classified as a finance lease. The present value of lease payments Select one: O a. Should always be calculated using the lessee's incremental borrowing rate. O b. All of these are true. O c Includes the present value guaranteed but not unguaranteed residual value. O d. Never includes the change in variable lease payments