Concourse Corporation paid $20,000 in January of 2014 for premiums on a two- year life insurance policy which names the company as the beneficiary. Additionally, Concourse Corporation's financial statements for the year ended December 31 . 2014, revealed the company paid $105,000 in taxes during the year and also accrued estimated litigation losses of $200,000 . Assuming the lawsuit was resolved
in February of 2015 (at which time a $200,000 loss was recognized for tax purposes) and that Concourse's tax rate is 30 percent for both 2014 and 2015, what amount should Concourse report as asset for net deferred income taxes on its 2014 balance sheet?
a. $54,000
b. $57,000
c. $60,000
d. $66,000
C
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