Please show all the work. There are two sets of questions. Deadline is until March 14, 2016

Question 0ne You are preparing the tax section of your company's financial statements. During the year 2014, your company acquired equipment that cost $1.8 million. The beginning balance shows a deferred tax asset of $6,000 related to equipment. The equipment is being depreciated over nine years for financial reporting purposes and is a Class 8 - 20% for tax purposes with half in year of acquisition. Depreciation expense was $200,000 for accounting purposes for 2014. Income before tax for 2015 was $275,000. Your company follows the ASPE future/deferred income taxes method. The following items caused the only differences between accounting income before income tax and taxable income in 2015. 1. 2. 3. 4. Meals and entertainment expenses (only 50% deductible for tax) were $22,000 for 2015. The company paid your annual golf membership of $6,800. Dividends received from non taxable Canadian corporations were $8,500 In 2015, the company paid rent of $150,000. $50,000 related to 2015, and $50,000 relates to each of 2016 and 2017. Rent is deductible when paid for tax purposes. 5. The company accrued warranty expenses of $25,000. Cash payments related to warranties were $11,150. 6. Depreciation expense was $200,000 and CCA was $328,000 for 2015. There were no additions or disposals during the year. Income tax rates have not changed over the past five years. Required: A) Calculate the balance in the Deferred Tax Asset or Liability account at December 31, 2015. B) Calculate income tax payable for 2015. C) Prepare the journal entries to record income taxes for 2015. D) Prepare the income tax expense section of the income statement for 2015, beginning with the line \"Income before income tax.\" E) Indicate how deferred taxes should be presented on the December 31, 2015 balance sheet. F) How would your response for parts a to e change if your company reported under IFRS? Question Two The accounting income (loss) and related tax rates during the years 2009 to 2015 follows: Year 2009 2010 2011 2012 2013 2014 2015 Accounting income (loss) $190,000 95,000 (140,000) 90,000 (320,000) 180,000 240,000 Tax Rate 22% 22% 22% 32% 37% 32% 27% Accounting income (loss) and taxable income (loss) were the same for all years since the company began. The tax rates from 2012 to 2015 were enacted in 2012. Required: (a) Prepare the journal entries to record income taxes for the years 2011 to 2015. Assume the company uses the carryback provision where possible and expects to realize the benefits of any loss carryforward in the year immediately following the loss. (b) Indicate the effect on the December 31, 2013 balance sheet if the company follows ASPE. How would it be different if the company follows IFRS? (c) Beginning with \"Loss before income tax\" show the bottom of the income statement for 2013. (d) Beginning with \"Loss before income tax\" show the bottom of the income statement for 2014. (e) Prepare the journal entries for the years 2013 to 2015 to record income taxes, assuming the company uses the carry back provision where possible but is uncertain if it will realize the benefits of any loss carry forward in the future. (Ignore valuation account method under ASPE)