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Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: 1 $140 16 ($ in thousands)
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: 1 $140 16 ($ in thousands) Situation 2 4 $272 $308 $428 20 20 16 16 84 Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability 2 4 23 2 8 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.) Situation 2 3 1 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. f. Income tax expense
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