Question: On December 31, 2010, Oak Co. recognized a receivable for taxes paid in prior years and refundable through the carryback of all of its 2010

On December 31, 2010, Oak Co. recognized a receivable for taxes paid in prior years and refundable through the carryback of all of its 2010 operating loss. Also, Oak had a 2010 deferred tax liability derived from the temporary difference between tax and financial statement depreciation, which reverses over the period 2011–2015. The amount of this tax liability is less than the amount of the tax asset.

Which of the following 2010 balance sheet sections should report tax-related items?

I. Current assets.

II. Current liabilities.

III. Noncurrent liabilities.

a. I only.

b. I and III.

c. I, II, and III.

d. II and III.

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