Income Taxes
Thun Company has been in operation for several years. It has both a deductible and a taxable temporary difference. At the beginning of 2013, its deferred tax asset was $690, and its deferred tax liability was $750. The company expects its future deductible amount to be ��deductible'' in 2014 and its future taxable amount to be ��taxable'' in 2015. In 2012, Congress enacted income tax rates for future years as follows: 2013, 30%; 2014, 34%; and 2015, 35%. At the end of 2013, Thun reported income taxes payable of $12,600, an increase in its deferred tax liability of $300, and an ending balance in its deferred tax asset of $860. Thun has prepared the following schedule of items related to its income taxes for 2013.
Required:
Fill in the blanks in the following schedule. ********(The figure 42,000 is correct, but the following 3 are not.)