4. All of the following statements regarding current and deferred income taxes are correct, except...
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Accounting
4. All of the following statements regarding current and deferred income taxes are correct, except
| a. | the amount of income tax expense must be allocated to various components of comprehensive income |
| b. | the income tax obligation is determined by applying the historical tax rates to the taxable income for the year |
| c. | the valuation allowance account is subtracted from the deferred tax asset account on the balance sheet |
| d. | rent received in advance that will be earned within the next 12 months results in the creation of a current deferred tax asset |
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