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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 1, 2
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 $ 128 $ 260 $ 284 $ 392 Future deductible amounts 16 20 20 Future taxable amounts 16 16 72 Balance(s) at beginning of the year: Deferred tax asset 2 20 4 Deferred tax liability 8 2 The enacted tax rate is 25%. Required: For each situation, determine the following: Note: 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. b. Deferred tax assetending balance. c. Deferred tax assetchange. d. Deferred tax liabilityending balance. e. Deferred tax liabilitychange. m 5 o0
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