Wright has five temporary differences. An analysis reveals the following:

Temporary Difference

Pension liability: expensed as incurred on the books;

deductible when funded for tax purposes

Royalties collected in advance: recognized when earned

for accounting purposes and when received for tax

purposes

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

Equipment: straight$-$line depreciation for accounting

purposes, and CCA for tax purposes

the $2023$ tax return and that Wright follows IFRS.

Instructions

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

b$.$ Calculate taxable income for $2023.$

c$.$ Calculate accounting income for $2023.$

expense.Wright has five temporary differences. An analysis reveals the following:

Temporary Difference

Pension liability: expensed as incurred on the books;

deductible when funded for tax purposes

Royalties collected in advance: recognized when earned

for accounting purposes and when received for tax

purposes

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

Equipment: straight$-$line depreciation for accounting

purposes, and CCA for tax purposes

the $2023$ tax return and that Wright follows IFRS.

Instructions

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

b$.$ Calculate taxable income for $2023.$

c$.$ Calculate accounting income for $2023.$

expense. Please answer these urgently, especially part b$,$ the taxable income and accounting income