3. Two independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: SITUATION 1 2 Taxable income $80,000 $40,000 Amounts at year-end: Future deductible amounts 12,000 10,000 Future taxable amounts 0 5,000 Balances at beginning of year, Deferred tax asset $2,000 $4,000 Deferred tax liability 0 1,000 The enacted tax rate is 25% for both situations. Required: A. For each situation, determine the: (a.) Income tax payable currently. (b.) Deferred tax asset - balance at year-end. (c.) Deferred tax asset change for the year. (d.) Deferred tax liability - balance at year-end. (e.) Deferred tax liability change for the year. (f.) Income tax expense for the year. B. PREPARE THE APPROPRIATE JOURNAL ENTRIES.