Question: Lincoln Company has the following four deferred tax items at December 31, 2014. The deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same tax authority
On Lincoln's December 31, 2014, statement of financial position, it will report:
(a) $394,000 non-current deferred tax liability and $689,000 non-current deferred tax asset.
(b) $330,000 non-current liability and $625,000 current deferred tax asset.
(c) $295,000 non-current deferred tax asset. (d) $295,000 current tax receivable.