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Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary...

Please help with the attached accounting question.

Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Situation 1 2 3 4 Tax able inco me $ 85 $ 215 $ 195 $ 260 Fut ure dedu ctibl e amo unts 15 20 20 Fut ure taxab le amo unts 15 15 30 Bal ance( s) at begi nnin g of the year: D eferr ed tax asset 2 9 4 D eferr ed tax liabil ity 2 2
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The enacted tax rate is 40%. Required: For each situation, determine the following: (Enter amounts as positive values in parts a, b, d and f. In parts c and e, enter the amount as positive if it is an increase and with a minus sign if it is a decrease. Leave no cells blank - be certain to enter "0" wherever required. Enter your answers in thousands.) Situation 1 2 3 4 a. Income tax payable currently $ $ $ $ b. Deferred tax asset—balance $ $ $ $ c. Deferred tax asset—change $ $ $ $ d. Deferred tax liability— balance $ $ $ $ e. Deferred tax liability— change $ $ $ $ f. Income tax expense $ $ $ $
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