Current Attempt in Progress Presented below are two independent situations related to future taxable and deductible amounts resulting from temporary differences existing at December 31, 2020 1. Grouper Co. has developed the following schedule of future taxable and deductible amounts. 2021 2022 2023 2024 2025 Taxable amounts $200 $200 $200 $200 $200 Deductible amount (1.500) 2. Monty Co has the following schedule of future taxable and deductible amounts 2024 2021 $200 2022 $200 2023 $200 12800 Taxable amounts Deductible amount $200 Both Grouper Co. and Monty Co. have taxable income of $3,600 in 2020 and expect to have taxable income in all future years. The tax rates enacted as of the beginning of 2020 are 30% for 2020-2023 and 35% for years thereafter. All of the underlying temporary differences relate to noncurrent assets and liabilities 1. Compute the net amount of deferred income taxes to be reported at the end of 2020, and indicate how it should be classified on the balance sheet for situation one Deferred income taxes to be reported at the end of 2020 in Grouper Co. GROUPER CO. Balance Sheet (Partial) 2. Compute the net amount of deferred income taxes to be reported at the end of 2020, and indicate how it should be classified on the balance sheet for situation two Both Grouper Co and Monty Co. have taxable income of $3,600 in 2020 and expect to have taxable income in all future years. The tax rates enacted as of the beginning of 2020 are 30% for 2020-2023 and 35% for years thereafter. All of the underlying temporary differences relate to noncurrent assets and liabilities. 1. Compute the net amount of deterred Income taxes to be reported at the end of 2020, and indicate how it should be classified on the balance sheet for situation one. Deferred income taxes to be reported at the end of 2020 in Grouper Co. $ GROUPER CO. Balance Sheet (Partial) $ 1 2. Compute the net amount of deferred income taxes to be reported at the end of 2020 and indicate how it should be classified on the balance sheet for situation two Deferred income taxes to be reported at the end of 2020 in Montyco MONTY CO. Balance Sheet e Textbook and Media List of Accounts Se for at Attempts of used Submit Antwer