Pronghorn Corp. in its first year of operations has the following differences between its carrying amounts and the tax bases of its assets and liabilities at the end of 2020.

		Carrying Amount		Tax Basis
Equipment (net)		$416,000		$353,600
Estimated Warranty Liabilities		$208,000		0

It is estimated that the warranty liability will be settled in 2021. The difference in equipment (net) will result in future taxable amounts of $20,800 in 2021, $31,200 in 2022, and $10,400 in 2023. The company has taxable income of $540,800 in 2020. As of the beginning of 2020, the enacted tax rate is 30% for 2020 to 2022 and 25% for 2023. Pronghorn expects to report taxable income through 2023.

QUESTION:

A) Prepare the journal entry to report current and deferred income tax expense.

Account Titles and Explanation	Debit	Credit
(To record current tax expense)
(To record deferred tax benefit)

B) Indicate how deferred income taxes would be reported on the statement of financial position and balance sheet at the end of 2020 under IFRS and ASPE, respectively. 1. Under IFRS Pronghorn Corp. (Partial) Balance Sheet 2. Under ASPE (Partial) Balance Sheet