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(Solved): Four Independent Situations Are Described Below. Each Involves Future Deductible Amounts And/or Futu ...


Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produc
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Situation $296 $164 16 $356 20 $500 16 Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability 8 2 The enacted tax rate is 25% Required: For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter"0" wherever applicable.) Situation a. Income tax payable currently b. Deferred tax asset-ending balance c. Deferred tax asset change. d. Deferred tax liability ending balance. .. Deferred tax liability-change 1. Income tax expense.

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