B&B Inc.'s taxable income is computed as follows.
B&B's tax rate is 34%. Which of the following statements is true?
A) The temporary differences caused a $272,714 net decrease in B&B's deferred tax liabilities.
B) The permanent differences caused a $152,184 net increase in B&B's deferred tax assets.
C) The permanent differences caused a $152,184 net decrease in B&B's deferred tax assets.
D) The temporary differences caused a $272,714 net increase in B&B's deferred tax liabilities.
Correct Answer:
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