consider the following information for Sheridan Ltd. at the end of 20X1 Equipment Capitalized development costs Tax Basis $400,000 UCC 0 Accounting Basis $500,000 $200,000 At the end of 20X1, Sheridan had a balance in its deferred income tax liability account of $105,000 pertaining to both the amounts above. There is a $35,000 liability related to equipment and a $70,000 liability related to the capitalized development costs. The enacted income tax rate (combined federal and provincial) at the end of 20x1 was 35%. The preceding information pertains to the next three fiscal years: Income before tax New equipment acquired Depreciation expense on equipment CCA claimed Amortization of development costs Development costs incurred (deductible for tax purposes) Income tax rate (enacted in each year, not enacted in advance) 20X2 20X3 20X4 $200,000 $160,000 $100,000 100,000 65,000 70,000 75,000 80,000 74,000 69,000 40,000 50,000 45,000 50,000 30,000 70,000 35% 38% 38% Please do the following: For 20x2, calculate the income tax expense that would appear on Sheridan's income statement and the balance of the deferred income tax liability or asset account that would appear on Sheridan's statement of financial position