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Each involves future deductible amounts

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Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences:
The enacted tax rate is 40%.

Required:

For each situation, determine the:

a. Income tax payable currently.
b. Deferred tax asset-balance.
c. Deferred tax asset-change (dr) cr.
d. Deferred tax liability-balance.
e. Deferred tax liability-change (dr) cr.
f. Income tax expense.

Reference no: EM131003698

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