c. PQR Ltd bought a piece of equipment on 1 April 2018 at cost of $800,000. The equipment is valued using the cost model under HKAS 16 Property, plant and Equipment with depreciation being charged on straight line basis over 5 years with $50,000 residual value. 60% of the cost of equipment is deductible as tax depreciation in the first year. The remaining amount is deductible as tax depreciation on straight line basis over the next 4 years with zero residual value. The applicable tax rate is 16.5% Required Calculate the temporary difference and deferred tax asset / liability for PQR Ltd as at 31 March 2019 and 2020. State clearly whether the temporary difference that you computed for each period is taxable or deductible temporary difference. Show the relevant journals as at 31 March 2019 and 2020. (14 marks) d. State the example of situation that the deferred asset should not be recognized (2 marks)