Sheridan Tar and Gravel Ltd. operates a road construction business. In its first year of operations, the company won a contract to build a road for the municipality of Cochrane West. It is estimated that the project will be completed over a three-year period starting in June 2023. Sheridan uses the percentage-of-completion method of recognizing revenue on its long-term construction contracts. For tax purposes, and in order to postpone the tax on such revenue for as long as possible, Sheridan uses the completed-contract method allowed by the CRA. By its first fiscal year end, the accounts related to the contract had the following balances: The accounts related to the equipment that Sheridan purchased to construct the road had the following balances at the end of the first fiscal year ended December 31, 2023, for accounting and tax purposes: Sheridan's tax rate is 25% for 2023 and subsequent years. Income before income tax for the year ended December 31, 2023, was $190,000. Sheridan reports under IFRS. Calculate the deferred tax asset or liability balances at December 31, 2023. Deferred tax $