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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