A major distinction between temporary and permanent differences is

Group of answer choices

temporary differences reverse themselves in subsequent accounting periods, whereas permanent differences do not reverse.

temporary differences occur frequently, whereas permanent differences occur only once.

once an item is determined to be a temporary difference, it maintains that status; however, a permanent difference can change in status with the passage of time.

permanent differences are not representative of acceptable accounting practice.

What is the amount of the deferred tax liability at the end of $2020?$