At December 31, 2022, Ivanhoe Corporation had a temporary difference (related to pensions) and reported a related deferred tax asset of $32,700 on its balance sheet. At December 31, 2023, Ivanhoe has five temporary differences. An analysis reveals the following: Future (Taxable) Deductible Amounts emporary Difference 2024 2025 2026 oks; deductible when funded for tax purposes $32,700 $22,700 $10,000 earned for accounting purposes and when received for tax purposes 76,000 accounting purposes and recognized for tax purposes when paid alment sales when sold for book purposes, and as collected for tax purposes 24,000 (36,300) (36,300) (36,300) iting purposes, and CCA for tax purposes (90,300) (50,000) (40,000) $6,100 ($63,600) ($66,300) 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 Ivanhoe follows IFRS. (a) Indicate how deferred taxes should be presented on Ivanhoe's December 31, 2023 SFP. e IVANHOE CORPORATION (Partial) Balance Sheet 1A SUPPORT
At December 31, 2022, Ivanhoe Corporation had a temporary difference (related to pensions) and reported a related deferred tax asset of $32,700 on its balance sheet. At December 31, 2023, Ivanhoe has five temporary differences. An analysis reveals the following: Future (Taxable) Deductible Amounts emporary Difference 2024 2025 2026 oks; deductible when funded for tax purposes $32,700 $22,700 $10,000 earned for accounting purposes and when received for tax purposes 76,000 accounting purposes and recognized for tax purposes when paid alment sales when sold for book purposes, and as collected for tax purposes 24,000 (36,300) (36,300) (36,300) iting purposes, and CCA for tax purposes (90,300) (50,000) (40,000) $6,100 ($63,600) ($66,300) 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 Ivanhoe follows IFRS. (a) Indicate how deferred taxes should be presented on Ivanhoe's December 31, 2023 SFP. e IVANHOE CORPORATION (Partial) Balance Sheet 1A SUPPORT
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter13: Corporations: Earning & Profits And Distributions
Section: Chapter Questions
Problem 13P
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Transcribed Image Text:At December 31, 2022, Ivanhoe Corporation had a temporary difference (related to pensions) and reported a related deferred tax
asset of $32,700 on its balance sheet. At December 31, 2023, Ivanhoe has five temporary differences. An analysis reveals the
following:
Future (Taxable) Deductible Amounts
emporary Difference
oks; deductible when funded for tax purposes
2024
2025
2026
$32,700
$22,700
$10,000
earned for accounting purposes and when received for tax purposes
76,000
accounting purposes and recognized for tax purposes when paid
alment sales when sold for book purposes, and as collected for tax purposes
24,000
(36,300)
(36,300)
(36,300)
iting purposes, and CCA for tax purposes
(90,300)
(50,000)
(40,000)
$6,100
($63,600)
($66,300)
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 Ivanhoe follows IFRS.
(a)
Indicate how deferred taxes should be presented on Ivanhoe's December 31, 2023 SFP.
IVANHOE CORPORATION
(Partial) Balance Sheet
LA
SUPPORT
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