Sarasota Corporation reports under IFRS and at December 31, 2020, the company had a net deferred tax liability of $458,000. An explanation of the items that make up this balance follows:

QUESTION:

Resulting Balances in Deferred Tax Account Temporary Differences Excess of accumulated tax depreciation over book depreciation 1. $312,000 2. (85,000) Accrual, for book purposes, of estimated loss contingency from pending lawsuit that is expected to be settled in 2021. The loss will be deducted on the tax return when it is paid. Accrual method (account receivable) used for book purposes and instalment method used for tax purposes for an isolated instalment sale of an investment, due in 2022. 3. 231,000 $458,000 Indicate how future taxes should be presented on Sarasota Corporation's December 31, 2020 statement of financial position, if Sarasota Corporation followed the ASPE future/deferred income taxes method. Sarasota Corporation (Partial) Balance Sheet December 31, 2020 Current Assets Future Tax Asset $ 312000 Long-Term Liabilities Future Tax Liability 85000