the end of What would report as its defore post defend h 15.000 20,000 51.000. 5 .000 Pretax accounting income Permanent difference $300,000 (15.000) 285.000 (20.000) $265.000 Temporary difference-depreciation Taxable income Tringali's tax rate is 40%. What should Tringali report as its income tax expense for its first year of operations? a. $120,000 b. SI 14.000 c. $106,000 d. $8,000 37. Which of the following statements is true as to GAAP regarding accounting for income taxes, and its use of the asset and liability approach? a. Considerable flexibility is permitted in the balance sheet classification of deferred tax amounts. b. The approach recognizes the time value of money. C. The approach is consistent with a balance sheet emphasis of U.S. GAAP and the International Financial Reporting Standards (IFRS). d. The approach is consistent with cash basis accounting