Listed below are five independent situations. For each situation indicate (by letter) whether it will create (A) a deferred tax asset, (L) a deferred tax liability, or (N) neither.
-Prepaid expenses, tax deductible when paid.

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The Answer of Listed below are five independent situations. For each situation indicate (by letter) whether it will create (A) a deferred tax asset, (L) a deferred tax liability, or (N) neither.
-Prepaid expenses, tax deductible when paid.

Listed Below Are Five Independent Situations