Indicate how deferred taxes should be presented on the December 31, 2020 SFP. Anthony Ltd. (Partial) Statement of Financial Position $ Indicate how deferred taxes should be presented on the December 31, 2020 balance sheet if Anthony reported under ASPE. Prepare the income tax expense section of the income statement for 2020 , beginning with the line "Income before income tax. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45).) Indicate how deferred taxes should be presented on the December 31, 2020 SFP. Calculate income tax payable for 2020 . Income Tax Payable $ Prepare the journal entries to record income taxes for 2020 . (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Prepere the income tax expense section of the income statement for 2020 , beginning with the line "Income before income tax." (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45).) Anthony Ltd. began business on January 1, 2019. At December 31, 2019, it had a $58,500 balance in the Deferred Tax Liability account that pertains to property, plant, and equipment acquired on July 1, 2019 at a cost of $900,000. The property, plant, and equipment is being depreciated on a straight-line basis over six years for financial reporting purposes, and is a Class 820% asset for tax purposes. Anthony's income before income tax for 2020 was $60,000. Anthony Ltd. follows IFRS. The following items caused the only differences between accounting income before income taxand taxable income in 2020 . 1. In 2020 , the company paid $56,250 for rent; of this amount, $18,750 was expensed in 2020 . The other $37,500 will be expensed equally over the 2021 and 2022 accounting periods. The full $56,250 was deducted for tax purposes in 2020. 2. Anthony Ltd. pays $9,000 a year for a membership in a local golf dub for the company's president. 3. Anthony Ltd. now offers a one-year warranty on all its merchandise sold. Warranty expenses for 2020 were \$9,000. Cash payments in 2020 for warranty repairs were $4,500. 4. Meals and entertainment expenses (only 50% of which are ever tax deductible) were $12,000 for 2020 . The maximum allowable CCA was taken in 2020. There were no asset disposals for 2020 . Assume the PPE is considered 5. "eligible equipment" for purposes of Accelerated Investment Incentive (under the All, instead of using the half-year rule, companies are allowed a first-year deduction using 1.5 times the standard CCA rate). Income tax rates have not changed since the compary began operations. Calculate the balance in the Deferred Tax Asset or Deferred Tax Liability account at December 31, 2020. Balance in deferred tax account $ Calculate income tax payable for 2020