Calculate income tax amounts under various circumstances Q3. Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: (s in thousands) Situation 1 $137 28 2 $319 $325 33 28 4 $416 33 56 28 Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year Deferred tax asset Deferred tax liability 4.6 9.2 22 4.6 4.6 The enacted tax rate is 40%. Required: 1. For each situation, determine the following: Situation 2 3 4 a a b. C. d. Income tax payable currently Deferred tax asset balance Deferred tax asset - change Deferred tax liability - balance Deferred tax liability - change Income tax expense e. f. 2. For each situation, write the journal entries related to the income tax expense