TAX-1 Problem Taxable income Total Future deductible amounts Total Future taxable amounts (Situational amounts are stated in thousands) Situation 1 Situation 2 Situation 3 Situation 4 $ 85 $ 215 $ 195 $ 260 15 0 20 20 0 15 15 30 Balance at beginning of year: Deferred tax asset Deferred tax liability 2 0 0 2 9 2 4 0 The enacted tax rate is 40%. Required: 1. For each situation (1-4), determine your responses for a through f. and fill in the table appropriately: 1 2 3 4 a. Income taxes payable b. Deferred tax asset balance c. Deferred tax asset change d. Deferred tax liability balance e. Deferred tax liability change f. Income tax expense 2. For each situation, prepare the journal entry for taxes. Situation 1 Situation 2 Situation 3 Situation 4