q 22)

The following are two independent situations related to future taxable and deductible amounts that resulted from temporary differences at December 31, 2020. In both situations, the future taxable amounts relate to property, plant, and equipment depreciation, and the future deductible amounts relate to settlements of litigation that were previously accrued in the accounts. 1. Concord Corp. has developed the following schedule of future taxable and deductible amounts: Taxable amounts Deductible amounts 2021 $400 2022 2023 2024 $400 $400 0 0 (3,600) $400 2025 $400 0 Concord reported a net deferred tax liability of $1,060 at January 1, 2020. 2. Riverbed Corp. has the following schedule of future taxable and deductible amounts: Taxable amounts Deductible amounts 2021 2022 2023 $1,200 $1,200 $1,200 0 0 (7,000) 2024 $1,200 0 Riverbed Corp. reported a net deferred tax asset of $1,300 at January 1, 2020. Both Concord Corp. and Riverbed Corp. have taxable income of $7,600 in 2020 and expect to have taxable income in all future years. The tax rates enacted as of the beginning of 2020 are 25% for 2020 to 2023, and 30% for 2024 and subsequent years. All of the underlying temporary differences relate to non-current assets and liabilities. Both Riverbed and Concord report under IFRS. (a) Determine the deferred tax assets or liabilities that will be reported on each company's December 31, 2020 SFP. (Enter negative amounts using either a negative sign preceding the number e.g. 45 or parentheses e.g. (45).) Concord Corp. Riverbed Corp. Deferred tax asset / (liability)