Subject: acounting Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts producedby temporary differences:Taxable incomeTuture deductible amountaFuture taxable amountsBalance(s) at beginning of the year:Deferred tax assetDeferred tax liabilitya income tax payable currentlybDeferred tax asset-ending balance.e Deferred tax asset-change.d. Deferred tax liability-ending balance.Deferred tax liability-change1$12016f Income tax expense2($ in thousands)Situation23$252 $268201616The 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 beentered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "0" wherever applicable.)182Situation$3682064

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

Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: Taxable income Tuture deductible amounta Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability a income tax payable currently bDeferred tax asset-ending balance. e Deferred tax assef-change. d. Deferred tax liability-ending balance. Deferred tax liability-change 1 $120 16 f Income tax expense ($ in thousands) Situation 2 3 $252 $268 2 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" wherever applicable.) Situation 20 16 3 18 4 $368 20 64 4