Save 6 Exit Submit Submit The Guitar World (TGW) holds an investment in bonds that increased in fair value over 2021, and accounts for that investment as available-for-sale. When considering taxes, TGW would: Multiple Choice Recognize tax expense on the income statement, and PIOL increase taxes payable. Recognize tax expense on the income statement, and probably increase its deferred tax liability Reduce accumulated other comprehensive income (ACI) for tax expense, and probably increase the payable Reduce accumulated other comprehensive income (ACI) for tax expense, and probably increase its deferred tax ability