At December 31, 2016, Wright Corporation had a temporary difference (related to pensions) and reported a related deferred tax asset of $30,000 on its balance sheet. At December 31, 2017, Wright has five temporary differences. An analysis reveals the following:

The enacted tax rate has been 30% for many years. In November 2017, the rate was changed to 28% for all periods after January 1, 2019. Assume that the company has income tax due of $180,000 on the 2017 tax return and that Wright follows IFRS.
Instructions
(a) Indicate how deferred taxes should be presented on Wright Corporation's December 31, 2017 statement of financial position.
(b) How would your response to part (a) change if Wright reported under ASPE?
(c) Calculate taxable income for 2017.
(d) Calculate accounting income for 2017.
(e) Draft the income tax section of the 2017 income statement, beginning with the line "Income before income tax." Provide as much information as possible about the components of income tax expense.

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Future (Taxable) Deductible Amounts 2019 Temporary Difference 1. Pension liability: expensed as incurred on the books; 2018 2020 deductible when funded for tax purposes $30,000 $ 20,000 $10,000 2. Royalties collected in advance: recognized when earned for accounting purposes and when received for 76,000 tax purposes purposes and recognized for tax purposes when paid sales when sold for book purposes, and as collected for 3. Accrued liabilities: various expenses accrued for accounting 24,000 4. Deferred gross profit: profits recognized on instalment (36,000) (90,000) $ 4,000 tax purposes (36,000) (36,000) 5. Equipment: straight-line depreciation for accounting (50,000) $(66,000) (40,000) $(66,000) purposes, and CCA for tax purposes