Two independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: 17 1 2 $37,000 $77,000 SITUATION Taxable income Amounts at year-end: Future deductible amounts Future taxable amounts Balances at beginning of year, dr (cr): Deferred tax asset Deferred tax liability 4,700 11,300 @ 4,700 $ 1,200 $ 4,52 1 ,eee The enacted tax rate is 40% for both situations. Required: For each situation determine the: SITUATION (a) Income tax payable currently (b) Deferred tax asset-balance at year-end (c) Deferred tax asset change dr or (Cr) for the year. (d) Deferred tax liability - balance at year end. (e.) Deferred tax liability change dr or (cr) for the year (f) Income tax expense for the year