At December 31, 2019, Swifty Corporation had a temporary difference (related to pensions) and reported a related deferred tax asset of $32,100 on its balance sheet. At December 31, 2020, Swifty 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. 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 Swifty follows IFRS. Your answer is partially correct. Indicate how deferred taxes should be presented on Swifty Corporation's December 31, 2020 SFP. Swifty Corporation (Partial) Balance Sheet For the Year Ended December 31. 2020 Non-Current Liabilities Deferred Tax Liability eTextbook and Media List of Accounts Your answer is partially correct. How would your response to part (a) change if Swifty reported under ASPE? Swifty Corporation (Partial) Balance Sheet Current Assets Future Tax Asset Long-Term Liabilities Future Tax Liability December 31, 2020 Calculate taxable income for 2020. Taxable income $ eTextbook and Media List of Accounts Your answer is incorrect. Calculate accounting income for 2020. Accounting income $ eTextbook and Media List of Accounts Your answer is partially correct. 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).) Swifty Corporation (Partial) Income Statement For the Month Ended December 31.2020 Income Before Income Tax Income Tax Expense - Current Income Tax Expense - Deferred Net Income/(Loss)