Saved Help Save & Ext Submit Check my work Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability ($ in thousands) Situation 1 2 3 4 $112 $244 $252 $344 16 20 20 16 16 56 2 4 16 2 B 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.) Situation 1 2 3 a Income tax payable currently 1 of 5 Prev Next > +1 #