Question

At December 31, 2021, Moonlight Bay Resorts had the following deferred income tax items: Deferred tax asset of $58 million related to a current liability Deferred tax asset of $38 million related to a noncurrent liability Deferred tax liability of $124 million related to a noncurrent asset Deferred tax liability of $76 million related to a current asset Moonlight Bay should report in its December 31, 2021, balance sheet a: Multiple Choice Noncurrent deferred tax liability of $104 million. Current deferred tax liability of $20 million. Noncurrent deferred tax asset of $86,000 and a non-current deferred tax liability of $48 million.

Answer 1

Answer: Noncurrent deferred tax liability of $104 million

Step-by-step explanation:

Deferred tax asset of $58 million related to a current liability

Deferred tax asset of $38 million related to a noncurrent liability Deferred tax liability of $124 million related to a noncurrent asset

Deferred tax liability of $76 million related to a current asset

The total defered tax liability from the question will be:

= $124 million + $76 million

= $200 million

The total defered tax asset will be:

= $58 million + $38 million

= $96 million

Then, the net deffered tax liability will be: = $200 million - $96 million

= $104 million

The answer is "Noncurrent deferred tax liability of $104 million".