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Point Grey Limited (PGL), a publically accountable, December 31 year-end company, reported the following data in preparing its income tax provision for the year ended December 31, 2016.

Before tax income from continuing operations: $525,000

Other Comprehensive Income, not tax affected, arising from portfolio revaluations: $50,000

Annual life insurance premium paid on its top management team: $11,000.Insurance premiums of this type are non-deductible for tax purposes.

Book value and UCC of capital assets at December 31, 2015 was $1,081,000 and $806,000 respectively and resulted in a deferred tax balance of $82,500.

PGL had recorded an accrual for restructuring charges to reorganize the company's operations, in 2015, which is tax deductible when paid, of $150,000. The balance in the estimated restructuring liability at the end of 2015 was $100,000 and $75,000 was paid in 2016.

Depreciation and CCA of $180,000 and $163,500 were recorded respectively in 2016. There were no additions or disposals.

A normal non-capital recorded sale/receivable for accounting purposes but with special terms of trade was made in 2015 with a profit of $52,000. The sale was made on delayed payment terms resulting in being taxed upon cash receipt with 10% down payment received in 2015 and $15,600 received in 2016.

Interest and penalties levied by CRA in an ongoing tax dispute amounted to $2,000.

Dividends received from taxable Canadian corporations amounted to $5,500.

In 2015, PGL suffered a tax loss resulting in a Deferred Tax balance of $135,000 in full recognition of the loss being reported at December 31, 2015.

The statutory tax rate for 2016 is 32%. On February 18, 2017, before the 2016 financial statements were approved for release, the statutory rate was reduced to 28% for 2017 and the foreseeable number of years.

Required #1: Prepare, with supporting calcu-ati c-ns, the tax provision {entries} for Pc-in: G'eyr Limited for the year ended Decembe' 31, 2016. Ta )1: Recon ciiiation: Deferred TEX Analysis: [Show supporIino calculations of any derived account balances} Tax entries: Reo ui red #2: Prepare, in good form, the Statement of Comprehensive income beg-inning WLII'I \"Income from cc-ntlnumg operations before ta Km". Point Ge?r Limited Statement of Comprehensive Income {partiai} For the year ended December 31, EDIE: Required #3: Him: is the ettec:ive tax rate on norma income