Use the following information to answer the next two questions:

The Soho Inc. reported a pretax book operating loss of $120 million in 2015, including the following items $ 50 million from installment sales of property. The installment sales will be collected in 2016 and taxable in 2016.

A penalty of 10 million resulting from violations of environmental regulations in the Sunshine State of Florida. This penalty was paid in 2015.

There were no other permanent or temporary differences in 2015. The taxable income in 2014 and 2013 respectively were $20 million and $ 90 million. Soho Inc elects the carryforward option when calculating its taxes. The corporate tax rate is 40%.

1) The income tax expense or benefit for 2015 is:

a. income tax benefit of $52 million

b . income tax benefit of $ 48 million

c. income tax benefit of $64 million

d. income tax benefit of $44 millian

2) The balance of the deferred tax asset at the end of 2015 is?

a) $64 million

b $20 million .

c) $ 28 million

d) 0 million