Two independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: 1 2 790 540 Taxable income 10 80 70 10 Future deductible amounts Future taxable amounts Balance(s) at the beginning of the year Deferred tax asset Deferred tax liability 11 17 5 12 The current year tax rate is 20%. Recent tax legislation will change the tax rate from the current 20% to 25% beginning next year. Use brackets () or a minus sign to denote a credit for the changes. Please complete the following table (don't round): 2 Deferred tax asset- change Deferred tax liability - change Income tax expense