Chapter 16 Exercise/Problem Assignments Saved Help Save & Exit Submit Check my work 7 Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: 0.9 points 4 1 $85 15 ($ in thousands) Situation 2 3 $215 $195 20 15 15 $260 20 30 eBook Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability 2 4 9 2 2 Print The enacted tax rate is 40%. References Required: For each situation, determine the following: (Enter your answers in thousands. Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "O" wherever applicable.) Situation 2 3 1 4 a. Income tax payable currently. b. Deferred tax asset-balance. c. Deferred tax asset-change d. Deferred tax liability-balance. e. Deferred tax liability-change f. Income tax expense