Two independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: SITUATION Taxable income $39,000 $79,000 Amounts at year-end: Future deductible amounts 4,900 11,100 Future taxable amounts @ 4,900 Balances at beginning of year, dr (er): Deferred tax asset $1,000 $ 4,440 Deferred tax liability 1,000 @ The enacted tax rate is 40% for both situations Required: For each situation determine the: SITUATION 2 (6) 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 (0) Deferred tax liability change dr or (ar) for the year. .) Income tax expense for the year