P 20 Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts producedby temporary differences:Taxable incomeFuture deductible amountsFuture taxable amountsBalance(s) at beginning of the year:Deferred tax assetDeferred tax liability.The enacted tax rate is 25%.a Income tax payable currentlyb. Deferred tax asset-ending balancec Deferred tax asset-change.A$16016Flakr($ in thousands)Situation2$2921628Situation$348832016Required:For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should beentered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "0"wherever applicable.)2824$488201044Check my w a Income tax payable currentlyb. Deferred tax asset-ending balance.c Deferred tax asset-changed Deferred tax liability-ending balance.e Deferred tax liability-change.f. Income tax expense.2Situation3

Answer:- Deferred tax liability meaning:- Deferred tax liability is the obligation that develops…

Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: 1 Deferred tax asset Deferred tax liability. a Income tax payable currently b. Deferred tax asset-ending balance c Deferred tax asset-change. $160 16 andan kul ($ in thousands) Situation $292 2 16 B $348 $488 ERA RO Situation 20 16 The enacted tax rate is 25% Required: For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "0"herever applicable.) 20 104 28 4 2