Analysis of the assets and liabilities of Someday Corporation on December 31, 2019 disclosed assets with a tax basis of P1,000,000 and a book basis of P1,300,000. There was no difference in the liability basis. The difference in asset basis arose from temporary difference that would reverse in the following years: 2020 - P80,000 2021 - 70,000 2022 - 72,000 2023 - 40,000 2024 - 38,000 1. The enacted tax rates are 30% for the years 2019 – 2022 and 32% for the years 2023 – 2024. What is the total deferred tax liability at December 31, 2019?

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CC corporation (a calendar-year  C corporation) has a net operating loss (NOL) carryover to 2021 in the amount of $30,000. How much tax will SCC pay for 2021 if it reports taxable income from operations of $20,000 before considering loss carryovers under the following assumptions? (Leave no answer blank. Enter zero if applicable.)   a. The NOL originated in 2017. SCC Taxable Income in 2021     b. The NOL originated in 2018. SCC Tax in 2021

Subject : Accounting Bre-X Inc.'s only temporary difference at the beginning and end of 2022 is caused by a $1.5-million deferred gain for tax purposes on an installment sale of a plant asset. The related receivable (only one half of which is classified as a current asset) is due in equal instalments in 2023 and 2024. The related deferred tax liability at the beginning of the year is $300,000. In Quarter three (3) of 2022, a new tax rate of 24% is enacted into law and is scheduled to become effective for 2024. Taxable income is expected in all future years. Required: a. Determine the amount to be reported as a deferred tax liability at the end of 2022. Indicate its proper classification(s) if Bre-X Inc. uses ASPE guidelines. b. Indicate the classification of the Deferred Tax Asset or Deferred Tax Liability account if Bre-X Inc. uses IFRS guidelines. c. Prepare the journal entry (if any) that is necessary to adjust the deferred tax liability when the new tax rate is enacted into law.