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Compute the deferred tax items created (if any) under each of the following scenarios. (1USD=1.24CAD...

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Accounting

Compute the deferred tax items created (if any) under each of the following scenarios.

(1USD=1.24CAD and tax rate is 21%)

Wintrust owns 85% of Nova Scotia bank, a Canadian subsidiary. During the current year Nova Scotia reported 200,000CAD of net income but paid a total cash dividend of 50,000CAD. How should the two file their tax returns? How much Deferred tax Liabilities ( Assets) should be reported in the consolidated statement in USD?

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