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12.3 Calculation of current tax LO3, 4 Mandiri Ltd made an accounting profit before tax of $80 000 for the year ended 30 June 2024.

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12.3 Calculation of current tax LO3, 4 Mandiri Ltd made an accounting profit before tax of $80 000 for the year ended 30 June 2024. Included in the accounting profit were the following items of revenue and expense. Donations to political parties (non-deductible) Depreciation expense machinery (20% p.a., straight-line) Annual leave expense Rent revenue $ 7000 18 000 6 400 12 000 For tax purposes the following applied. machinery Depreciation rate Annual leave paid Rent received Income tax rate 25% $ 7 800 $10 000 30% Required 1. Calculate the current tax liability for the year ended 30 June 2024, and prepare the adjusting journal entry. 2. Explain your treatment of rent items in your answer to requirement 1

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