Depreciation expense per tax return

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Reference no: EM13127003

For the year ended December 31, Laramie Industries has a depreciation expense per its tax return greater than its financial statement tax expense, and had recorded warranty expense (associated with a one-year guarantee on its products) in its financial statements. Pretax income is less than tax return income as a result of these reconciling items. As a result of these transactions, Laramie will display:

A. A current deferred tax asset and noncurrent deferred tax liability

B. A noncurrent deferred tax asset and a current deferred tax liability

C. A net current tax asset

D. A net noncurrent tax asset

Reference no: EM13127003

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