Question

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

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
Taxable income $ 128 $ 260 $ 284 $ 392
Future deductible amounts 16 20 20
Future taxable amounts 16 16 72
Balance(s) at beginning of the year:
Deferred tax asset 2 20 4
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 (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.)

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