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carrying PROBLEM 2: FOR CLASSROOM DISCUSSION 1. If it is probable that recovery or settlement of a amount of an asset or liability will make future tax payments larger than they would be if such recovery or settlement were to have no tax consequences, an entity shall recognize a a. deferred tax asset. c. a orb b. deferred tax liability. d. neither a nor b Intr PAS eguz asse der for 2. These are differences that do not have future tar consequences. a. Permanent differences c. Taxable differences b. Temporary differences d. Deductible differences a. b. c. Permanent difference C. 3. This type of difference will give rise to deferred tax asset. a. Taxable temporary difference b. Deductible temporary difference d. No difference 4. Income computed using PFRSs is $100,000 while income computed using tax laws is P80,000. The $20,000 difference is a a. Taxable temporary difference b. Deductible temporary difference d. No difference d. C. Permanent difference 5. During the period, deferred tax assets increase by $500 while deferred tax liabilities increase by $600. The net change n 100 is a a. deferred tax expense b. deferred tax income of c. deferred tax liability d. deferred tax asset