27. Two independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences SITUATION Taxable income Amounts at year-end $40,000 $80,000 Future deductible amounts Future taxable amounts 5,000 10.000 0 5,000 Balances at beginning of year, dr (cr) Deferred tax asset Deferred tax liability $1,000 $4,000 0 1,000 The enacted tax rate is 40% for both situations. Required: For each situation determine the: (a.) Income tax payable currently (b.) Deferred tax asset - balance at year-end. (c.) Deferred tax asset change dr or (cr) for the year d.) Deferred tax liability - balance at year-end. (e.) Deferred tax liability change dr or (cr) for the year (f.) Income tax expense for the year