Carla Vista Tar 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 2023. Carla Vista uses 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, Carla Vista uses the completed-contract method allowed by the CRA. For the second year of operations, Carla Vista made progress on the construction of the road for the municipality. The account balances at December 31, 2024, for the construction project and the accounting and tax balances of accounts related to the equipment used for construction follow. (The balances at December 31, 2023, are also listed.) 2024 2023 Accounts Receivable $105,800 $321,200 Asset/Liability (net of billings to date of $823,100 and $402,400) 126,000 102,600 Revenue from Long-Term Contracts 444,100 505,000 Construction Expenses 411,200 350,700 Equipment Accumulated Depreciation-Equipment 1,103,900 1,103,900 461,500 171,200 Undepreciated Capital Cost 624,500 982,600 Carla Vista's tax rate is 25% for 2023 and subsequent years. Income before income tax for the year ended December 31, 2023, was $197,800 and for December 31, 2024, was $126,000. (a) Calculate the deferred tax asset or liability balances at December 31, 2024. Deferred tax > $