pq an entity operating in country x purchased plant for 600 000 on 1 january 2012 pq 4526206

PQ, an entity operating in Country X purchased plant for $600,000 on 1 January 2012.PQ depreciates its plant using the straight line method over 15 years, assuming a residualvalue of 10% of original cost.PQ claims all available tax depreciation allowances.On 1 January 2013 PQ revalued the plant and increased its carrying value by $50,000. Theasset’s useful life was not affected.Assume there were no other temporary differences in the period.(f)(Total for Section B = 30 marks)End of Section BSection C starts on the next pageTURN OVERRequired:(i) Calculate the amount of PQ’s deferred tax balance at 31 December 2013 inaccordance with IAS 12 Income Taxes.(ii) Calculate the change in PQ’s deferred tax balance for the year ended 31 December

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