Swifty 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 June 2020. Swifty uses the percentage-of-completion method of recognizing revenue on its long-term construction contracts. For Lax purposes, and in order to postpone the tax on such revenue for as long as possible, Swifty 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: Accounts Receivable. $334,000 Contract Asset/Liability (net of billings to date of $420,000) 93,000 Revenue from Long-Term Contracts Construction Expenses 513,000 353,000 The accounts related to the equipment that Swifty purchased to construct the road had the following balances at the end of the first fiscal year ended December 31, 2020 for accounting and tax purposes Equipment $1,160,000 Accumulated Depreciation-Equipment 188,000 Undepreciated Capital Cost 1,026,000 Swifty's tax rate is 25% for 2020 and subsequent years. Incdine before income tax for the year ended December 31, 2020, was $188.000. Swifty reports under IFRS