Problem IV. Two independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: $100,000 2 $130,000 SITUATION Taxable income Amounts at year-end: Future deductible amounts Future taxable amounts Balances at beginning of year: Deferred tax asset Deferred tax liability 10,000 15,000 10,000 $2,000 2,000 The enacted tax rate is 25% for both situations. Required: For each situation determine the: (a.) Income tax payable currently. (b.) Deferred tax asset-balance at year-end. (c.) Deferred tax asset change dr or (cr) for the year. (d.) Deferred tax liability - balance at year-end. (e.) Deferred tax liability change dr or (cr) for the year. (f.) Income tax expense for the year