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Anthony Ltd$.$ began business on January $1,2019.$ At December $31,2019,$ it had a $$58,500$ balance in the Deferred Tax Liability account that pertains to property, plant, and equipment acquired on July $1,2019$ at a cost of $$900,000.$ The property, plant, and equipment is being depreciated on a straight$-$line basis over six years for financial reporting purposes, and is a Class $820\%$ asset for tax purposes. Anthony's income before income tax for $2020$ was $$60,000.$ Anthony Ltd$.$ follows IFRS.

The following items caused the only differences between accounting income before income tax and taxable income in $2020.$

In $2020,$ the company paid $$56,250$ for rent; of this amount, $$18,750$ was expensed in $2020.$ The other $$37,500$ will be expensed equally over the $2021$ and $2022$ accounting periods. The full $$56,250$ was deducted for tax purposes in $2020.$

Anthony Ltd$.$ pays $$9,000$ a year for a memb income tax and taxable income in $2020.$

In $2020,$ the company paid $$56,250$ for rent; of this amount, $$18,750$ was expensed in $2020.$ The other $$37,500$ will be expensed equally over the $2021$ and $2022$ accounting periods. The full $$56,250$ was deducted for tax purposes in $2020.$

Anthony Ltd$.$ pays $$9,000$ a year for a membership in a local golf club for the company's president.

Anthony Ltd$.$ now offers a one$-$year warranty on all its merchandise sold. Warranty expenses for $2020$ were $$9,000.$ Cash payments in $2020$ for warranty repairs were $$4,500.$

Meals and entertainment expenses $($only $50\%$ of which are ever tax deductible$)$ were $$12,000$ for $2020.$

The maximum allowable CCA was taken in $2020.$ There were no asset disposals for $2020.$ Assume the PPE is considered $$eligible equipment$$ for purposes of the Accelerated Investment Incentive $($under the AII, instead of using the half$-$year rule, companies are allowed a first$-$year deduction using $1\mathrm{.}5$ times the standard CCA rate$).$

Income tax rates have not changed since the company began operations.

Instructions

a$.$ Calculate the balance in the Deferred Tax Asset or Deferred Tax Liability account at December $31,2020.$

b$.$ Calculate income tax payable for $2020.$

c$.$ Prepare the journal entries to record income taxes for $2020.$

d$.$ Prepare the income tax expense section of the income statement for $2020,$ beginning with the line $$Income before income tax.$$

e$.$ Indicate how deferred taxes should be presented on the December $31,2020$ SFP$.$

f$.$ How would your response to parts $($a$)$ to $($e$)$ change if Anthony reported under ASPE?Anthony Ltd$.$ began b$$siness on January $1,2022.$ At December $31,2022,$ it had a $$58,500$ balance in the Deferred Tax Liability

account that pertains to property, plant, and equipment acquired on July $1,2022,$ at a cost of $$900,000.$ The property, plant, and

equipment is being depreciated on a straight$-$line basis over six years for financial reporting purposes, and is a Class $8-20\%$ asset for

tax purposes. Anthony's income before income tax for $2023$ was $$60,000.$ Anthony follows IFRS.

The following items caused the only differences between a counting income before income tax and taxable income in $2023.$

In $2023,$ the company paid $$56,250$ for rent; of this almount, $$18,750$ was expensed in $2023.$ The other $$37,500$ will be

expensed equally over the $2024$ and $2025$ accounting periods. The full $$56,250$ was deducted for tax purposes in $2023.$

Anthony pays $$9,000$ a year for a membership in a local golf club for the company's president.

Anthony now offers a one$-$year warranty on all its merchandise sold. Warranty expenses for $2023$ were $$9,000.$ Cash

payments in $2023$ for warranty repairs were $$4,500.$

Meals and entertainment expenses $($only $50\%$ of which are ever tax deductible$)$ were $$12,000$ for $2023.$

The maximum allowable CCA was taken in $2023.$ There were no asset disposals for $2023.$ Assume the PPE is considered

"eligible equipment" for purposes of the Accelerated Investment Incentive $($under the All, instead of using the half$-$year rule,

companies are allowed a first$-$year deduction using $1\mathrm{.}5$ times the standard CCA rate$).$

Income tax rates have not changed since the company began operations.Anthony Ltd$.$ began b$$siness on January $1,2022.$ At December $31,2022,$ it had a $$58,500$ balance in the Deferred Tax Liability

account that pertains to property, plant, and equipment acquired on July $1,2022,$ at a cost of $$900,000.$ The property, plant, and

equipment is being depreciated on a straight$-$line basis over six years for financial reporting purposes, and is a Class $8-20\%$ asset for

tax purposes. Anthony's income before income tax for $2023$ was $$60,000.$ Anthony follows IFRS.

The follow

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