Ballantine Products, Inc, reported an excess of warranty expense over warranty deductions of $72,000 for the year ended December 31 . 2014 . This temporary difference will reverse in equal amounts over the years 2015 to 2017 . The enacted tax rates are as follows: 2014 ............................ 40% 2015 ............................ 35% 2016 ............................ 30% 2017
............................ 25% The reporting for this temporary difference at December 31 . 2014, would be a
a. deferred tax liability of $23,400.
b. deferred tax asset of $23,400.
c. current deferred tax liability of $7,200 and a noncurrent deferred tax liability of $16,200.
d. current deferred tax asset of $7,200 and a noncurrent deferred tax asset of $16,200.
D
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