9. The deferred account balances for Energy Corp., a publicly accountable entity

Question

9. The deferred account balances for Energy Corp., a publicly accountable entity are as follows:
Deferred Tax Asset expected to reverse in the next 12 months $ 60,000
Deferred Tax Asset expected to reverse in a period extending
beyond the next 12 months 90,000
Deferred Tax Liability expected to reverse in the next 12 months 120,000
Deferred Tax Liability expected to reverse in a period extending
beyond the next 12 months 180,000
The financial statement presentation of these balances would be as follows:
a. Current deferred tax liability $ 60,000
Non-current deferred tax liability 90,000
b. Non-current deferred tax asset $ 150,000
Non-current deferred tax liability 300,000
c. Non-current deferred tax liability 150,000
d. Current deferred tax asset $ 60,000
Non-current deferred tax asset 90,000
Current deferred tax liability 120,000
Non-current deferred tax liability 180,000

Explanation / Answer

c. Non-current deferred tax liability 150,000

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