Pronghorn Corp.reported the following differences between SFP carrying amounts and tax bases at December 31, 2019: Carrying Amount Tax Base Depreciable assets $110,000 $74,250 Warranty liability (current liability) 18,500 0 Pension liability (long-term liability) 39,600 0 The differences between the carrying amounts and tax bases were expected to reverse as follows: 2020 2021 After 2021 Depreciable assets $17,500 $13,500 $4,750 Warranty liability 18,500 0 O Accrued pension liability 11,000 11,000 17,600 Tax rates enacted at December 31, 2019 were 33% for 2019,32% for 2020,31% for 2021, and 30% for 2022 and later years. Durino 2020 Pronohorn corn made four quarterly tax instalment nayments of $900 each and renorted incomo hofern incomo 17,600 Tax rates enacted at December 31, 2019 were 33% for 2019,32% for 2020,31% for 2021, and 30% for 2022 and later years. During 2020, Pronghorn Corp. made four quarterly tax instalment payments of $9,000 each and reported income before income tax on its income statement of $112,700. Included in this amount were dividends from taxable Canadian corporations of $4,100 (non-taxable income) and $20,000 of expenses related to the executive team's golf dues (non-tax-deductible expenses). There were no changes to the enacted tax rates during the year. As expected, book depreciation in 2020 exceeded the capital cost allowance claimed for tax purposes by $17.500, and there were no additions or disposals of property, plant, and equipment during the year. A review of the 2020 activity in the Warranty Liability account in the ledger indicated the following: Balance, Dec. 31, 2019 $18,500 Payments on 2019 product warranties (20,900) Payments on 2020 product warranties (5,600 2020 warranty accrual 29,300 Balance, Dec. 31, 2020 $21,300 All warranties are valid for one year only. The Pension Liability account reported the following activity: ere to search O 03 2 23" func TIT All warranties are valid for one year only. The Pension Liability account reported the following activity: Balance, Dec. 31, 2019 $39,600 Payment to pension trustee (70,000) 2020 pension expense 59.000 Balance, Dec. 31, 2020 $28,600 Pension expenses are deductible for tax purposes, but only as they are paid to the trustee, not as they are accrued for financial reporting purposes. Pronghorn Corp. reports under IFRS. Calculate the Deferred Tax Asset or Deferred Tax Liability account at December 31, 2019. Deferred tax $ 23C Question 8 of 8 15 !! Calculate the Deferred Tax Asset or Deferred Tax Liability account at December 31, 2020. Deferred tax Prepare all income tax entries for Pronghorn Corp. 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 for the amounts.) Debit Credit Date Account Titles and Explanation December 31, 2020 (To record current tax expense) December 31, 2020 ? ENG 23C 202 G c ere to search - / 15 ITE Identify the balances of all income tax accounts at December 31, 2020, and show how they will be reported on the comparative statements of financial position at December 31, 2020 and 2019, and on the income statement for the year ended December 31, 2020. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) Pronghorn Corp. (Partial) Income Statement Statements of Financial Position classification: c 03 236 ENG O ? O e to search 01 C free Statements of Financial Position classification: Pronghorn Corp. (Partial) Statements of Financial Position 2020 2019 $ $ $ not given How would your responses to (a) and (d) change if Pronghorn Corp. followed the ASPE future/deferred income taxes method? ING 23C ? 02 o c e to search o - / 15 ITE How would your responses to (a) and (d) change if Pronghorn Corp. followed the ASPE future/deferred income taxes method? From part (a) SFP classification: Pronghorn Corp. (Partial) Statements of Financial Position $ From part (d) de ENG 23C Search o Bi !!! From part (d) SFP classification: Pronghorn Corp. (Partial) Statements of Financial Position 2020 2019 $ $ $ $ not given 2 A 230 A