BrambleTar and Gravel Ltd. operates a road construction business. In its first year of operations, the company won a contract to build a road for the municipality of Cochrane West. It is estimated that the project will be completed over a three-year period starting in June 2020.Brambleuses the percentage-of-completion method of recognizing revenue on its long-term construction contracts. For tax purposes, and in order to postpone the tax on such revenue for as long as possible,Brambleuses the completed-contract method allowed by the CRA. By its first fiscal year end, the accounts related to the contract had the following balances:

Accounts Receivable$322,000Contract Asset/Liability (net of billings to date of $416,000)104,000Revenue from Long-Term Contracts520,000Construction Expenses364,000

The accounts related to the equipment thatBramblepurchased to construct the road had the following balances at the end of the first fiscal year ended December 31, 2020 for accounting and tax purposes:

Equipment$1,180,000Accumulated Depreciation-Equipment182,000Undepreciated Capital Cost1,049,000

Bramble's tax rate is25% for 2020 and subsequent years. Income before income tax for the year ended December 31, 2020, was $188,000.Bramblereports under IFRS.

Calculate the deferred tax asset or liability balances at December 31, 2020.

\fAccount Titles and Explanation Debit Credit Current Tax Expense 86000 Current Tax Payable 86000 (To record current tax expense) Deferred Tax Liability (To record deferred tax expense)