Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: 1 $ 101 19 ($ in thousands) Situation 2 3 4 $ 247 $ 235 $ 308 24 24 19 19 38 Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability 2.8 5.6 13 2.8 2.8 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 "0" wherever applicable.) Situation 2 3 1 4 a. Income tax payable currently. b. Deferred tax asset-balance. c. Deferred tax asset-change d. Deferred tax liability-balance e. Deferred tax liability-change f. Income tax expense. At December 31, DePaul Corporation had a $16 million balance in its deferred tax asset account and a $88 million balance in its deferred tax liability account. The balances were due to the following cumulative temporary differences: 1. Estimated warranty expense, $15 million: expense recorded in the year of the sale; tax-deductible when paid (one-year warranty). 2. Depreciation expense, $170 million: straight-line in the income statement; MACRS on the tax return. 3. Income from installment sales of properties, $50 million: income recorded in the year of the sale; taxable when received equally over the next five years. 4. Rent revenue collected in advance, $25 million; taxable in the year collected; recorded as income when the performance obligation is satisfied in the following year. Required: Assuming DePaul will show a single noncurrent net amount in its December 31 balance sheet, indicate that amount and whether it is a net deferred tax asset or liability. The tax rate is 40%. Determine the deferred tax amounts to be reported in the December 31 balance sheet. The tax rate is 40%. (Enter your answers in millions.) million