At December 31, 2013, Chloe Corporation had a temporary difference (related to pensions) and reported a related deferred tax asset of $30,000 on its balance sheet. At December 31, 2014, Chloe has five temporary differences. An analysis reveals the following:

The enacted tax rate has been 30% for many years. In November 2014, the rate was changed to 28% for all periods after January 1, 2016. Assume that the company has income tax due of $180,000 on the 2014 tax return and that Chloe follows the ASPE future/deferred income taxes method.
Instructions
(a) Indicate how deferred taxes should be presented on Chloe Corporation's December 31, 2014 balance sheet.
(b) How would your response to part (a) change if Chloe reported under IFRS?
(c) Calculate taxable income for 2014.
(d) Calculate accounting income for 2014.

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Future (Taxable) Deductible Amounts 2016 2017 Temporary Difference 1. Pension liability: expensed as incurred on the books; 2015 deductible when funded for tax purposes $30,000 $ 20,000 $10,000 2. Royalties collected in advance: recognized when earned for accounting purposes and when received for 76,000 3. Accrued liabilities: various expenses accrued for accounting purposes and recognized for tax purposes when paid 24,000 4. Deferred gross profit: profits recognized on instalment sales when sold for book purposes, and as collected for tax purposes (36,000) (90,000) $4,000 36,000) (36,000) 5. Equipment: straight-line depreciation for accounting purposes, and CCA for tax purposes (50,000) $(66,000) (40,000) $(66,000)