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Determine the income tax payable currently

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Reference no: EM13848653

Two independent situations are described below. Each involves &lure deductible amounts andior future taxable amounts produced by temporary differences: SITUATION 1 2 Taxable income 3400.000 1130.000 Amounts at ear-end Future Jnbattbk amounts 0 10.000 Future taxable monad 10,000 15.000 Potence%x Wynn; ci er Deterred tax nut 0 now Dektred tax Whitt, 2.000 0 The enacted tax rate is 40% for both situations.

Required: For each situation determine the:

(a) Income tax payable currently.

(b) Deferred tax asset - balance at year-end.

(c) Deferred tax asset change dr or (a) for the year.

(d) Deferred tax liability - balance at year-end.

(e) Deferred tax liability change dr or (a) for the year.

(f) Income tax expense for the year.

Reference no: EM13848653

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