The following items create deferred tax assets and deferred tax liabilities at December 31 . Assume no beginning balances in deferred tax accounts. 1. Excess tax depreciation over GAAP depreciation is $40,000. 2. Rental receipts collected in advance and considered taxable of $220,000 are accrued under GAAP. 3. Warranty expense amount of $25,000 is tax deductible when actual costs are incurred. 4. Nontaxable interest received on municipal bonds, $5,000. 5. Valuation allowance for deferred tax asset is estimated to be 30% of the deferred tax asset balance. 6. Taxable income for year is $100,000. 7. The tax rate is 25% On the company's balance sheet on December 31, the company would report the following deferred tax amount(s): Select one: a. Noncurrent deferred tax asset of $31,625. b. Noncurrent deferred tax asset of $26,625. c. Noncurrent deferred tax asset of $32,875. d. Noncurrent deferred tax asset of $131,500