At December 31,2022, Blossom Corporation had a temporary difference (related to pensions) and reported a...
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At December Blossom Corporation had a temporary difference related to pensions and reported a related deferred tax asset of $ on its balance sheet. At December Blossom has five temporary differences. An analysis reveals the following: Temporary Difference Pension liability: expensed as incurred on the books; deductible when funded for tax purposes Temporary Difference Pension liability: expensed as incurred on the books; deductible when funded for tax purposes Accrued liabilities: various expenses accrued for accounting purposes and recognized for tax purposes when paid Deferred gross profit: profits recognized on instalment sales when sold for book purposes, and as collected for tax purposes Equipment: straightline depreciation for accounting purposes, and CCA for tax purposes The enacted tax rate has been for many years. In November the rate was changed to for all periods after January Assume that the company has income tax due of $ on the tax return and that Blossom follows IFRS. a Indicate how deferred taxes should be presented on Blossom's December SFP BLOSSOM CORPORATION Partial Balance Sheet 
At December Blossom Corporation had a temporary difference related to pensions and reported a related deferred tax
asset of $ on its balance sheet. At December Blossom has five temporary differences. An analysis reveals the
following: Temporary Difference
Pension liability: expensed as incurred on the books; deductible when funded for tax purposes
Temporary Difference
Pension liability: expensed as incurred on the books; deductible when funded for tax purposes
Accrued liabilities: various expenses accrued for accounting purposes and recognized for tax purposes when paid
Deferred gross profit: profits recognized on instalment sales when sold for book purposes, and as collected for tax purposes
Equipment: straightline depreciation for accounting purposes, and CCA for tax purposes
The enacted tax rate has been for many years. In November the rate was changed to for all periods after January
Assume that the company has income tax due of $ on the tax return and that Blossom follows IFRS.
a
Indicate how deferred taxes should be presented on Blossom's December SFP
BLOSSOM CORPORATION
Partial Balance Sheet
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