Bramble Ltd. began business on January 1, 2019. At December 31, 2019, it had a $54,600 balance in the Deferred Tax Liability account that pertains to property, plant, and equipment acquired on July 1, 2019 at a cost of $840,000. The property, plant, and equipment is being depreciated on a straight-line basis over six years for financial reporting purposes, and is a Class 8-20% asset for tax purposes. Brambles income before income tax for 2020 was $56,000. Bramble Ltd. follows IFRS. The following items caused the only differences between accounting income before income tax and taxable income in 2020.

1.		In 2020, the company paid $53,700 for rent; of this amount, $17,900 was expensed in 2020. The other $35,800 will be expensed equally over the 2021 and 2022 accounting periods. The full $53,700 was deducted for tax purposes in 2020.
2.		Bramble Ltd. pays $8,700 a year for a membership in a local golf club for the companys president.
3.		Bramble Ltd. now offers a one-year warranty on all its merchandise sold. Warranty expenses for 2020 were $9,500. Cash payments in 2020 for warranty repairs were $4,750.
4.		Meals and entertainment expenses (only 50% of which are ever tax deductible) were $12,000 for 2020.
5.		The maximum allowable CCA was taken in 2020. There were no asset disposals for 2020. Assume the PPE is considered eligible equipment for purposes of Accelerated Investment Incentive (under the AII, instead of using the half-year rule, companies are allowed a first-year deduction using 1.5 times the standard CCA rate).

Income tax rates have not changed since the company began operations.

Prepare the journal entries to record income taxes for 2020.

Questions I want help with:

1. Indicate how deferred taxes should be presented on the December 31, 2020 SFP.

2. Indicate how deferred taxes should be presented on the December 31, 2020 balance sheet if Bramble reported under ASPE.

Calculate the balance in the Deferred Tax Asset or Deferred Tax Liability account at December 31, 2020. Balance in deferred tax ability account $ 4805 eTextbook and Media List of Accounts Calculate income tax payable for 2020. Income Tax Payable $ 11655 eTextbook and Media List of Accounts Account Titles and Explanation Debit Date December 31, 2020 Current Tax Expense 11655 Income Tax Payable (To record current tax expense) Deferred Tax Expense December 31, 2020 4805 Deferred Tax Llability (To record deferred tax expense) Credit 11655 4805 Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income tax." (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (451) Bramble Ltd. (Partial) Income Statement For the Year Ended December 31, 2020 $ Income Before Income Tax $ 56000 56000 Income Tax Expense - Current $ 11655 Income Tax Expense - Deferred 4805 16460 Net Income /(Loss) $ 39540 eTextbook and Media List of Accounts Bramble Ltd. (Partial) Statement of Financial Position V $ Bramble Ltd. (Partial) Balance Sheet $ . Calculate the balance in the Deferred Tax Asset or Deferred Tax Liability account at December 31, 2020. Balance in deferred tax ability account $ 4805 eTextbook and Media List of Accounts Calculate income tax payable for 2020. Income Tax Payable $ 11655 eTextbook and Media List of Accounts Account Titles and Explanation Debit Date December 31, 2020 Current Tax Expense 11655 Income Tax Payable (To record current tax expense) Deferred Tax Expense December 31, 2020 4805 Deferred Tax Llability (To record deferred tax expense) Credit 11655 4805 Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income tax." (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (451) Bramble Ltd. (Partial) Income Statement For the Year Ended December 31, 2020 $ Income Before Income Tax $ 56000 56000 Income Tax Expense - Current $ 11655 Income Tax Expense - Deferred 4805 16460 Net Income /(Loss) $ 39540 eTextbook and Media List of Accounts Bramble Ltd. (Partial) Statement of Financial Position V $ Bramble Ltd. (Partial) Balance Sheet $