problem 1

\"til, Metro by TMobile '4? 11:19 PM 4 5%D' ezto.mheducation.com 1. Award: 20.00 points Four independent situations are described below. Each involves future deductible amounts andior future taxable amounts produced by temporary differences: (5 in thousands) Situation 1 2 3 4 Taxable income $128 $260 $284 $392 Future deductible amounts 16 20 20 Future taxable amounts 1B 16 72 Balance(s) at beginning of the year. Deferred tax asset 2 20 4 Deferred tax liability 8 2 The enacted tax rate is 25%. Required: FOr each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "0" wherever applicable.) . Income tax payable currently. . Deferred tax assetending balance. . Deferred tax assetwhange. . Deferred tax liabiliHnding balance. . Deferred tax liabilitychange. . Income tax expense. References Worksheet Learning Objective: 16-02 Describe the types of temporary ditferences that cause deferred tax liabiiities and determine the amounts needed to record periodic income taxes. Difficulty: 1 Easy Learning Objective: 1603 Describe the types of temporary differences that cause deferred tax assets and determine the amounts needed to record periodic income taxes