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Listed below are five independent situations. For each situation indicate whether it will create a deferred tax asset a deferred tax liability, or neither TERM PHRASE 1. An operating loss carryback 2. Warranty expense, tax deductible when paid 3. Interest earned on investments in state and local government bonds Current year charitable contributions not currently deductible due to tax limitations but which can be 4 carried forward to future tax years 5. Prepaid expenses, tax deductible when paid