Two independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences:

SITUATION	1		2
Taxable income	$	50,000	$	90,000
Amounts at year-end:
Future deductible amounts		6,000		11,000
Future taxable amounts		0		6,000
Balances at beginning of year, dr (cr):
Deferred tax asset	$	1,000	$	3,300
Deferred tax liability		0		1,000

The enacted tax rate is 30% for both situations. Required: For each situation determine the:

\begin{tabular}{|l|l|r|r|} \hline \multicolumn{2}{|l|}{} & \multicolumn{2}{|c|}{ SITUATION } \\ \hline (a.) & Income tax payable currently. & & \\ \hline (b.) & Deferred tax asset - balance at year-end. & & \\ \hline (c.) & Deferred tax asset change dr or (cr) for the year. & & \\ \hline (d.) & Deferred tax liability - balance at year-end. & & \\ \hline (e.) & Deferred tax liability change dr or (cr) for the year. & & \\ \hline (f.) & Income tax expense for the year. & & \\ \hline \end{tabular}