Only b-e

P18.5 The following information applies to Edward Corporation, which reports under IFRS. 1. Prior to 2019, taxable income and accounting income were identical. 2. Accounting income was $1.7 million in 2019 and $1.4 million in 2020. 3. On January 1, 2019, equipment costing $1 million was purchased. It is being depreciated on a straight-line basis over eight years for financial reporting purposes, and is a Class 820% asset for tax purposes. 4. Tax-exempt interest income of $60,000 was received in 2020. 5. The tax rate is 30% for all periods. 6. Taxable income is expected in all future years. 7. Edward Corporation had 100,000 common shares outstanding throughout 2020. Instructions a. Calculate the amount of capital cost allowance and depreciation expense for 2019 and 2020, and the corresponding carrying amount and undepreciated capital cost of the depreciable assets at the end of 2019 and 2020. b. Determine the amount of current and deferred tax expense for 2020. c. Prepare the journal entry(ies) to record 2020 income taxes. d. Prepare the bottom portion of Edward's 2020 income statement, beginning with the line Income before income tax." Round earnings per share to the nearest cent. e. Indicate how deferred taxes should be presented on the December 31, 2020 SFP. f. How would your responses to parts (a) to (e) change if Edward Corporation followed the ASPE future/deferred income taxes method