asset of $29,400 on its balance sheet. At December 31, 2020, Martinez has five temporary differences. An analysis reveals the following:

				Future (Taxable) Deductible Amounts
Temporary Difference				2021			2022						2023
1.		Pension liability: expensed as incurred on the books; 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 tax purposes			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	)		(36,000	)				(36,000	)
5.		Equipment: straight-line depreciation for accounting purposes, and CCA for tax purposes			(90,000	)		(50,000	)				(40,000	)
					$4,000			($66,000	)				($66,000	)

The enacted tax rate has been 30% for many years. In November 2020, the rate was changed to 28% for all periods after January 1, 2022. Assume that the company has income tax due of $180,000 on the 2020 tax return and that Martinez follows IFRS.

Indicate how deferred taxes should be presented on Martinez Corporations December 31, 2020 SFP.

Martinez Corporation (Partial) Balance Sheet For the Year Ended December 31, 2020December 31, 2020For the Month Ended December 31, 2020
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List of Accounts

How would your response to part (a) change if Martinez reported under ASPE?

Martinez Corporation (Partial) Balance Sheet For the Month Ended December 31, 2020For the Year Ended December 31, 2020December 31, 2020
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List of Accounts

Calculate taxable income for 2020.

Taxable income

$Enter your answer in accordance to the question statement

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List of Accounts

Calculate accounting income for 2020.

Accounting income

$Enter your answer in accordance to the question statement

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List of Accounts

Prepare the income tax section of the 2020 income statement, beginning with the line Income before income tax. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Martinez Corporation (Partial) Income Statement December 31, 2020For the Year Ended December 31, 2020For the Month Ended December 31, 2020
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