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In year 1, Rand, Inc. reported for financial statement purposes the following items, which were not included in taxable income:
Installment gain to be collected equally in year 2 through year 4 $1,500,000
Estimated future warranty costs to be paid equally in year 2 through year 4 2,100,000
There were no temporary differences in prior years. Rand’s enacted tax rates are 30% for year 1 and 25% for year 2 through year 4.
In Rand’s December 31, year 1 balance sheet, what amounts of the deferred tax asset should be classified as current and noncurrent?
Current
Noncurrent