2 V C of stion Practical Question: (6 Marks) The following data applies to company A Ltd: All taxable and deductible temporary differences relate to the profit or loss. Assume a corporate tax rate of 30%. Profit before tax for the year to 30 June 2019 $1,557,500 Taxable income for the year to 30 June 2019 $2,205,000 Deferred tax liability 1 July 2018 $87,500 Deferred tax asset 1 July 2018 $ 59,500 Taxable temporary differences at 30 June 2019 $840,000 Deductible temporary differences at 30 June 2019 $ 322,000 Required: 1 - Prepare journal entries to record current tax for 30 June 2019. (2 Marks) 2- Prepare journal entries to record deferred tax for 30 June 2019. (4 Marks) A- B I E E X2 x? >