18 Two independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: $36,000 $76,000 STTIATTON Taxable income Amounts at year-end: Puture deductible amounts Puture taxable amounts Balances et beginning of year, dr cr): Deferred tax asset Deferred tax liability 4,600 0 11,400 4,600 $1,000 $ 3,990 0 1,000 The enacted tax rate is 35% for both situations. Required: For each situation determine the: SITUATION 1 2 (a.) Income tax payable currently (b.) Deferred tax asset-balance at year-end. (c.) Deferred tax asset change dr or (ar) for the year. (d) Deferred tax liability - balance at year-end. (e.) Deferred tax liability change dr or (cr) for the year. (1.) Income tax expense for the year