1. We record DTLs and DTAs to reflectthe future tax consequences of temporary differences between pre-tax book income and taxable income. DTLs reflect the tax expense related to future taxable amounts and DTAs reflect the tax benefit from future deductible amounts.

Note: A correctanswer may not be writtenexactly like this. The key concepts I am looking for are: temporary differences, future tax consequences, future taxable amounts, and future deductible amounts.