Presented below are two independent situations related to future taxable and deductible amounts resulting from temporary differences existing at December 31,2020 . 1. Sheridan Co, has developed the following schedule of future taxable and deductible amounts. 2. Skysong Co. has the following schedule of future taxable and deductible amounts. Both Sheridan Co. and Skysong Co. have taxable income of $3.700 in 2020 and expect to have toxable income in all future years. The tax rates enacted as of the beginning of 2020 are 30% for 20202023 and 35% for years thereafter. All of the underlying temporary differences relate to noncurrent assets and liabilities. 1. Compute the net amount of deferred income taxes to be reported at the end of 2020 , and indicate how it should be classified on the balance sheet for situation one. Deferred income taxes to be reported at the end of 2020 in Sheridan Co. 2. Compute the net amount of deferred income taxes to be reported at the end of 2020 ; and indicate how it should be classified on the balance sheet for situation two. 2. Compute the net amount of deferred income taxes to be reported at the end of 2020 , and indicate how it should be classified on the balance sheet for situation two