7. The financial controller of ABC Limited provides the following list of assets and liabilities held by the company, which has just completed its first year of trading: Explanations Items Machinery Land Accrued vacation Interest payable Depreciation greater than capital allowance The market value has increased by 25% No employee has taken vacation to date Interest will be paid next year Amounts $150 million $500 million $175 million $125 million Required: Indicate whether the temporary difference in each of the above scenarios would be taxable or deductible, and explain why.