At December 31, 2013, Moonlight Bay Resorts had the following deferred income tax items: Deferred tax asset of $54 million related to a current liability
Deferred tax asset of $36 million related to a noncurrent liability
Deferred tax liability of $120 million related to a noncurrent asset
Deferred tax liability of $72 million related to a current asset
Moonlight Bay should report in the current section of its December 31, 2013, balance sheet a:

Question

Quizplus · Accepted Answer

The deferred tax liability of $72 million related to a current asset should be reported as a current tax liability in the current section of the balance sheet, as it represents a tax liability that will be paid in the near future. The other deferred tax items are either related to noncurrent items or deferred tax assets, which should be reported in the noncurrent section of the balance sheet.

At December 31, 2013, Moonlight Bay Resorts Had the Following