Four independent situations are described below. Each involves future deductible amounts and /or future taxable amounts produced by temporary differences: Situations 1 2 3 4 Taxable Income $84,000 $216,000 $196,000 $260,000 Future deductible amounts $16,000 $20,000 $20,000 Future taxable amounts $16,000 $16,000 $28,000 Balances at beginning of the year Deferred tax asset $2,000 $9,000 $4,000 Deferred tax liability $8,000 $2,000 The enacted tax rate is 25%. Required: For each situation, determine this: 1. Income tax payable currently: 2. Deferred tax asset balance 3. Deferred tax asset change 4. Deferred tax liability balance 5. Deferred tax liability change 6. Income tax expense