Check my work Exercise 16-8 Calculate income tax amounts under various circumstances (LO16-1, 16-2] Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Situation 2 3 4 $367 $385 $ 488 39 39 34 34 68 $161 34 Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability 5.8 28 5.8 11.6 5.8 The enacted tax rate is 40%. Required: For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "O" wherever applicable.) The enacted tax rate is 40%. Required: For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "0" wherever applicable.) Situation 3 - 1 2 4 a. Income tax payable currently. b. Deferred tax asset-balance. c. Deferred tax asset-change d. Deferred tax liability-balance. e. Deferred tax liabilitychange f. Income tax expense