Reference no: EM132784553
Question - Planner Inc. started operations in 2018 and uses IFRS. The following financial information was provided to you, reported as at December 31, 2019:
Planner Inc. 2019
Revenues $800,000
Depreciation expense 150,000
Other operating expenses 520,000
Property, Plant and Equipment, cost $1,400,000
Accumulated depreciation 230,000
Unearned rent revenue 40,000
Additional information:
Planner has a tax rate of 25% in 2018, 30% in 2019 and 35% in 2020 enacted in February each year.
Planner claimed total capital cost allowance for tax purposes of $255,000 in 2018 and $160,000 in 2019.
In 2018 Planner sold an excess parcel of land for an amount of $500,000, generating a gain of $200,000. The receipt of cash from this sale was 30% down payment with the balance to be received, 40% in 2019 and 30% in 2020. However, this gain is taxed in the year it is received.
The unearned rent revenue represents cash received in 2019 from a tenant who will be moving into the building on February 1, 2020 and relates to rent due in 2020. For tax purposes any cash received for future rent is taxed when the cash is received.
Revenue in 2019 includes dividends received from taxable Canadian corporations of $10,000 and is not taxable.
Required - What are the deferred tax amounts to report on the balance sheet for years ended December 31, 2018 and 2019 and how would they be classified? If ASPE was used how would they be classified?
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