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Tetra Corp, an IFRS reporter, has the deferred tax assets and liabilities presented below: Classification on the Item Balance Sheet of Related Account Deferred Tax
Tetra Corp, an IFRS reporter, has the deferred tax assets and liabilities presented below: Classification on the Item Balance Sheet of Related Account Deferred Tax Associated with Item Excess of warranty expense over warranty deductions Current $64,000 Asset Accelerated depreciation for tax purposes Noncurrent $74,000 Liability Installment sales receivable Current $34,000 Liability Contingent liability Current $24,000 Asset What will the company report for deferred taxes on the balance sheet? A. noncurrent liabilities: deferred tax liability $20,000 O B. current assets: deferred tax asset $54,000; noncurrent liabilities: deferred tax liability $74,000 C. noncurrent assets: deferred tax asset $20,000 OD. Companies do not report deferred taxes on the balance sheet under IFRS
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