Car manufacturers Renault and Fiat Chrysler disclosed the following information in their 2017 financial statements:

Purely based on the companies’ deferred tax liabilities, which of the two companies appears to be most conservative in its depreciation policy?

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Fiat Renault Chrysler Property, plant, and equip- 41,343m 66,247m ment (PP&E) at cost Accumulated depreciation 27,761m 37,233m on PP&E Deferred tax liability for 1,745m 1,891m depreciation of PP&E Statutory tax rate 34.4% 19.25%