Select one:

a$.$ Future taxable amounts result in deferred tax assets.

b$.$ A net operating loss $($NOL$)$ carryforward creates a deferred tax liability that should be classified as current to the extent that the NOL will be recovered in the following year.

c$.$ A major distinction between temporary and permanent differences is that temporary differences reverse themselves in subsequent accounting periods, whereas permanent differences do not reverse.

d$.$ Valuation allowances reduce deferred tax liabilities to the amount that is more likely than not to be payable in the future.

At the beginning of $2021,$ Hallette Company purchased equipment for $$1,800.$ The equipment has a six year useful life and Hallette uses straight line depreciation method. Under the tax laws Hallette is able to fully depreciate the equipment for tax purposes in the year of purchase. Wyatt has a tax rate of $20\%.$ Among others, this transaction would result in a

Select one:

a$.$ $$300$ Deferred Tax Asset

b$.$ $$300$ Deferred Tax Liability

c$.$ $$1,500$ Deferred Tax Asset

d$.$ $$1,500$ Deferred Tax Liability