Question 2: (5 marks) Mohsin has a net pension asset in its statement of financial position of $30 million. It therefore anticipates that it will not have to pay its usual contributions into the scheme for the next few years. It is estimated that the present value of the future reduction in contributions will be $26 million. Explain how the net pension asset will be treated in the financial statements. Question 3: (5 marks) In the year ended 30 June Year 1, Entity Cincurred development costs of $320,000. These were capitalized in accordance with IAS 38, with an amortization charge of $15,000 in Year 1. Development costs are an allowable expense for tax purposes in the period in which they are paid. The relevant tax rate is 30%. Calculate the deferred tax provision at 30 June Year 1. Question 2: (5 marks) Mohsin has a net pension asset in its statement of financial position of $30 million. It therefore anticipates that it will not have to pay its usual contributions into the scheme for the next few years. It is estimated that the present value of the future reduction in contributions will be $26 million. Explain how the net pension asset will be treated in the financial statements. Question 3: (5 marks) In the year ended 30 June Year 1, Entity Cincurred development costs of $320,000. These were capitalized in accordance with IAS 38, with an amortization charge of $15,000 in Year 1. Development costs are an allowable expense for tax purposes in the period in which they are paid. The relevant tax rate is 30%. Calculate the deferred tax provision at 30 June Year 1