Presented below are two independent situations related to future taxable and deductible amounts resulting from temporary differences existing at December 31, 2020. 1. Crane Co. has developed the following schedule of future taxable and deductible amounts. 2021 2022 2023 2024 2025 Taxable amounts $200 $200 $200 $200 $200 Deductible amount - (1,700 ) 2. Cheyenne Co. has the following schedule of future taxable and deductible amounts. 2021 2022 2023 2024 Taxable amounts $200 $200 $200 $200 Deductible amount - (2,100) Both Crane Co. and Cheyenne Co. have taxable income of $4,000 in 2020 and expect to have taxable income in all future years. The tax rates enacted as of the beginning of 2020 are 30% for 2020-2023 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 Crane Co. Current Assets Deferred Tax Asset CRANE CO. Balance Sheet (Partial) December 31, 2020 +A $ $ 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. Deferred income taxes to be reported at the end of 2020 in Cheyenne co. $ Current Assets Deferred Tax Asset CHEYENNE CO. Balance Sheet December 31, 2020 +A