* * A17-12 Loss Carryback/Carryforward; Temporary Difference: Bogdan Ltd. shows the following on its 31 December 20X4 statement of financial position: Deferred income tax liability $870,000 All this income tax liability relates to the difference between the NBV and UCC of property, plant, and equipment. At 31 December 20X4, NBV is $9,630,000, and UCC is $7,455,000. In 20x2,20x3 and 20X4, the company had reported a total taxable income of S324,750 and paid taxes of S81,450. In 20X5, Bogdan reported an accounting loss before tax of $480,000. Depreciation of $67,500 is included in this calculation. No CCA will be claimed in 20X5. The enacted tax rate was 40% in 20x5. Required: 1. Calculate the tax loss in 20X5. 2. How much of the tax loss can be used as a loss carryback? What will be the benefit of this loss carryback? 3. How much of the loss is available as a tax loss carryforward? What is the benefit of this tax loss carryforward? 4. Under what circumstances can the benefit of the tax loss carryforward be recorded as an asset? 5. Record income tax for 20x5, assuming that the tax loss carryforward can be recorded