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

Define Classifi ed balance sheet

Define Indirect method

Given the following information from an amortization table for December 31, prepare the journal entry to record the payment of interest. 6% Cash Interest $42,000 4% Effective Interest Premium Amortization $35,953 $6,047 Carrying Value $507,567 OA. Account December 31 Interest Expense Discount on Bonds Payable Cash Debit Credit 35,953 6,047 42.000 O B. Account Debit Credit December 31 Interest Expense 35,953 Premium on Bonds Payable 6,047 Cash 42,000 Account December 31 Interest Expense Discount on Bonds Payable Bonds Payable O D. Account December 31 Interest Payable Premium on Bonds Payable Interest Expense Debit Credit 35,953 6,047 42,000 Debit Credit 42,000 6,047 35,953