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For the year ended December 31,2023, Sheridan Ltd. reported income before income taxes of $182,000. Prior to 2023 taxable income and accounting income was the

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For the year ended December 31,2023, Sheridan Ltd. reported income before income taxes of $182,000. Prior to 2023 taxable income and accounting income was the same each year. In 2023, Sheridan Ltd. paid $119,400 for advertising; of this amount, $39,800 was expensed in 2023 . The remaining $79,600 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2024-2025 period. The full $119,400 was deductible for tax purposes in 2023. The company paid $28,600 in 2023 for membership in a local golf club (which was not deductible for tax purposes). In 2023 Sheridan Ltd, began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2023 were $27,000, of which $21,100 was actual repairs for 2023 and the remaining $5,900 was estimated repairs to be completed in 2024. Meal and entertainment expenses totalled $40,600 in 2023 , only half of which were deductible for income tax purposes. Depreciation expense for 2023 was $104,400. Capital Cost Allowance (CCA) claimed for the year was \$135,900. Depreciation and CCA relate to an asset that was purchased on January 1,2023 for $522,000. Sheridan was subject to a 25% income tax rate for 2023 . Sheridan follows IFRS, Calculate the amount of any permanent differences for 2023. Permanent differences Calculate the amount of any temporary differences for 2023. Temporary differences $ alculate taxable income and the amount of current income taxes expense for 2023. Taxable income $ Income taxes payable cord current income taxes for 2023. (Credit account titles are automatically indented when the amount is entered. Do not i anually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit Calculate the amount of any deferred tax asset and/or liability for 2023. Net deferred tax liability $

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