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As a result of using accelerated depreciation for tax purposes, The Amin Corporation reported $372...

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Accounting

As a result of using accelerated depreciation for tax purposes, The Amin Corporation reported $372 million income tax expenses in its income statement, while the actual amount of taxes paid by the company was $412 million. How did these tax transactions affect the company's balance sheet?

a) increase deferred tax liability by $40 million

b) decrease deferred tax assets by $372 million

c) decrease retained earnings by $372 million

d) decrease cash by $372 million

e) both c&d

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