Question: Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produce by temporary differences: 1 $84 16 Taxable income Future

 Four independent situations are described below. Each involves future deductible amounts

Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produce by temporary differences: 1 $84 16 Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability (s in thousands) Situation 2 4 $216 $196 $260 20 20 16 16 28 2 4 9 2 8 The enacted tax rate is 25% Required: For each situation determine the following: (Enter your answers in thousands (i.e., 55,000 should be entered as 55). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "o" wherever applicable.) Situation a. Income tax payable currently b. Deferred tax asset-ending balance c. Deferred tax assel-change. d. Deferred tax liability ending balance. e. Deferred tax liability-change. 1. Income tax expense

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