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Novak Tar and Gravel Ltd. operates a road construction business. In its first year of operations, the company obtained a contract to construct a road for the municipality of Cochrane West, and it is estimated that the project will be completed over a three-year period starting in June 2017. Novak 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, Novak uses 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		$340,000
Construction in Process		504,000
Revenue from Long-Term Contracts		504,000
Construction Expenses		352,000
Billings on Construction in Process		412,000

The accounts related to the equipment that Novak purchased to construct the road had the following balances at the end of the first fiscal year ending December 31, 2017 for accounting and tax purposes:

Equipment		$1,170,000
Accumulated DepreciationEquipment		192,000
Undepreciated Capital Cost		1,036,000

Novaks tax rate is 45% for 2017 and subsequent years. Income before income tax for the year ended December 31, 2017, was $185,000. Novak reports under IFRS.

(a) Calculate the deferred tax asset or liability balances at December 31, 2017. b) Calculate taxable income & income tax payable for 2017 c) Prepare journal entries to record income taxes for 2017 d) Prepare income statement for 2017 , begining with the line 'income before income tax." e) Provide the statement of financial position presentation for any resulting defered tax balance sheet account as december 31, 2017. F) Prepeat the balance sheet presentation in part e assuming the company follow ASPE.