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 $ 84 $ 216 $ 196 $ 260
Future deductible amounts 16 20 20
Future taxable amounts 16 16 28
Balance(s) at beginning of the year:
Deferred tax asset 2 9 4
Deferred tax liability 8 2
The enacted tax rate is 25%.
Required:
For each situation, determine the following:
Note: Enter your answers in thousands (i.e., 55,000 should be entered as 55). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "0" wherever applicable.
