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What amount SI record on statement of financial position

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Seymour Inc. (SI) purchased land and buildings on January 1, 20X5. The cost allocated to the building was $350,000. SI is depreciating the building on a straight-line basis over its estimated useful life of 20 years using an estimated residual value of $0. SI claimed a deduction for CCA of $14,000 on its 20X5 tax return; $13,400 on its 20X6 tax return; and $12,900 on its 20X7 tax return. SI's combined tax rate is 30%.

Question 1: What amount should SI record on its statement of financial position as at December 31, 20X7, pertaining to the temporary difference on the building?

Reference no: EM132595006

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