Two independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: Taxable income Amounts at year-end: SITUATION Future deductible amounts Future taxable amounts Balances at beginning of year, dr (cr): Deferred tax asset Deferred tax liability The enacted tax rate is 30% for both situations. Required: For each situation determine the $50,000 $90,000 6,000 11,000 0 6,000 $ 1,000 $3,300 0 1,000 (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 (or) for the year. (f) Income tax expense for the year. SITUATION