The following data applies to the two unrelated companies Lloyd Ltd and Cole Ltd: All taxable and
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Question:
The following data applies to the two unrelated companies Lloyd Ltd and Cole Ltd:
All taxable and deductible temporary differences relate to the profit or loss. Assume a corporate tax rate of 30%.
A. For each company, prepare the journal entries to record the current and deferred tax for 30 June 2017.
B. For each company, prepare the income tax section of the statement of profit or loss and other comprehensive income for the year ended 30 June 2017, and show the note disclosure for the current and deferred components of income tax expense.
Related Book For
South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts
ISBN: 9781305399884
39th edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
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