P$18\mathrm{.}2$ At December $31,2022,$ 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 $31,2023,$ Wright has five temporary differences. An analysis reveals the following

The enacted tax rate has been $30\%$ for many years. In November $2023,$ the rate was changed to $28\%$ for all periods after January $1,2025$ Assume that the company has income tax due of $$180,000$ on the $2023,$tax return and that Wright follows IFRS. Instruetions

Error Analysis

$21-1$

a$.$ Indicate how deferred taxes should be presented on Wright's December $31,2023$ SFP$.$

Temporary Difference Pension liability: expensed as incurred on the books; deductible when funded for tax purposes Royalties collected in $2$ advance: recognized when earned for accounting purposes and when received for tax purposes $3.$ Accrued liabilities: various expenses accrued for accounting purposes and recognized for tax purposes when paid Deferred gross profit: profits recognized on instalment sales when sold for book purposes, and as collected for tax purposes

$5.$

Equipment: straight$-$line depreciation for accounting purposes, and CCA for tax purposes

Neve Chrome available

Future $($Taxable$)$ Deductible Amounts

$2024$

$2025$

$2026$

$$30,000$

$ $20,000$

S $10,000$

$76,000$

$24,000$

$(36,000)$

$(36,000)$

$(36,000)$