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Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: (s in thousands) Taxable income
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: (s in thousands) 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: Situation 23 4 $156 $288 $340 16 28 16 2 27 8 222 22 $476 20 16 100 4 For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (le. 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.) 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 t Income tax expense Situation 1 2 3 Check my work
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