Exercise 16-10 (Algo) Calculate income tax amounts under various circumstances (L016-2, 16-3] Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Situation 1 2. 3 4 Taxable income $116 $248 $260 $356 Future deductible amounts 16 20 20 Future taxable amounts 16 16 60 Balance(s) at beginning of the year: Deferred tax asset 2 17 4 Deferred tax liability 8 2 The enacted tax rate is 25%. 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.) Situation 2 3 1 4 a. Income tax payable currently. Deferred tax asset-ending b balance. c. Deferred tax asset-change. Deferred tax liability-ending d. balance. e. Deferred tax liabilitychange. f. Income tax expense