lil E 16-8 Calculate income tax amounts under various circumstances L016-1, L016-2 Four independent situations are described below. Each involves future deductible amounts and future taxable comproduced by pony differences: ($ in thousands) Situation 1 2 3 4 Taxable income $85 $215 $195 $260 Future deductible amounts 15 20 20 Future taxable amounts 15 15 30 Balance(s) at beginning of the year Deferred tax asset 2 Deferred tax liability 2 4 ON 947 / 1282 lil The enacted tax rate is 10%. Required: For each situation, determine the: a. Income tax payable currently b. Deferred tax asset-balance c. Deferred tax asset-change (dr) d. Deferred tax liability--balance e. Deferred tax liability-change (dr) cr f. Income tax expense