Blossom Corporation purchased equipment very late in 2023. Based on generous capital cost allowance rates provided...

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Blossom Corporation purchased equipment very late in 2023. Based on generous capital cost allowance rates provided in the Income Tax Act, Blossom claimed CCA on its 2023 tax return but did not record any depreciation because the equipment was being tested. This temporary difference will reverse and cause taxable amounts of $34,200 in 2024, $38,700 in 2025, and $48,200 in 2026. Blossom's accounting income for 2023 is $262,200 and the tax rate is 30% for all years. There are no deferred tax accounts at the beginning of 2023. (a) Calculate the deferred tax balance at December 31, 2023. Deferred tax asset S Blossom Corporation purchased equipment very late in 2023. Based on generous capital cost allowance rates provided in the Income Tax Act, Blossom claimed CCA on its 2023 tax return but did not record any depreciation because the equipment was being tested. This temporary difference will reverse and cause taxable amounts of $34,200 in 2024, $38,700 in 2025, and $48,200 in 2026. Blossom's accounting income for 2023 is $262,200 and the tax rate is 30% for all years. There are no deferred tax accounts at the beginning of 2023. (a) Calculate the deferred tax balance at December 31, 2023. Deferred tax asset S