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 $113 $271 $265 27 4 $344 Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: 27 3.4 16 3.4 6.8 Deferred tax asset Deferred tax liability 3.4 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).) Situation 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 liability-change f. Income tax expense