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Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Situation $260 $284
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Situation $260 $284 $392 16 Taxable income Future deductible amounts Future taxable amounts Balance (s) at beginning of the year: Deferred tax asset Deferred tax liability 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"0" wherever applicable.) 1 2 Situation 3 4 a. Income tax payable currently b. Deferred tax asset-ending balance. c. Deferred tax asset-change. d. Deferred tax liability-ending balance. e. Deferred tax liability-change. 1. Income tax expense
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