At December 31, 2019, Concord Corporation had a temporary difference (related to pensions) and reported a related deferred tax asset of $27,600 on its balance sheet. At December 31, 2020, Concord has five temporary differences. An analysis reveals the following: Temporary Difference 1. Pension liability: expensed as incurred on the books: deductible when funded for tax purposes Future (Taxable) Deductible Amounts 2021 2022 2023 $30,000 $20,000 $10,000 2. 3. Royalties collected in advance: recognized when earned for accounting purposes and when received for tax purposes Accrued liabilities: various expenses accrued for accounting purposes and recognized for tax purposes when paid 76,000 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 Concord follows IFRS. 56 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 Concord follows IFRS. Indicate how deferred taxes should be presented on Concord Corporation's December 31, 2020 SFP Concord Corporation (Partial) Balance Sheet December 31, 2020 eTextbook and Media List of Accounts How would your response to part (a) change if Concord reported under ASPE? Concord Corporation (Partial) Balance Sheet How would your response to part (a) change if Concord reported under ASPE Concord Corporation (Partial) Balance Sheet eTextbook and Media - List of Accounts Calculate taxable income for 2020. Taxable income $ eTextbook and Media. Calculate accounting income for 2020. Accounting income $ eTextbook and Media List of Accounts g !! 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 eg. -45 or parentheses eg. (45).) Concord Corporation (Partial) Income Statement < $ A