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XYZ Inc. purchased machinery and equipment in the amount of $125,000 on January 1, 2019. XYZ will amortize this asset straight line over 18 years, with no salvage value. For tax purposes these assets are to be depreciated using a capital cost allowance rate of 15% each year of the original value (i.e. $125,000). XYZ pays tax at a rate of 35%.(reminder of half-net year rule).
Required:
Question a) What is the amount of the temporary difference between straight line depreciation and capital cost allowance on December 31, 2019?
Question b) What would the amount be as of December 31, 2019 for any Deferred Tax Asset / Liability? Be sure to specify whether it is an asset or liability.
Question c) What would the amount be as of December 31, 2020 for any Deferred Tax Asset / Liability? Be sure to specify whether it is an asset or liability.
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