assets. The closing value of the low-value pool at 30 June 2019 was $8,000. Ace purchased a (7 marks. Word limit: Minimum of 120 words. Maximum of 150 words) Question 2 (7 marks) The following amounts listed below from (a) (f) are included in the accounting records. How would you treat them for tax purposes? (a) (Note The exact amounts are to be calculated and discussed in your response) The provision for long service leave for the employees is $35,000. The actual amount paid during the year was $20,000 for the year ended 30 June 2020. (1 mark) (b) The Insurance premium on the plant and equipment is $30,000, which was paid on 1 March 2020 for the next 12 months. (1 mark) camera on 20 Jan 2020 for $840. Advise Ace of the Income Tax consequences arising out of the above information for the 2019 - 2020 Income year assuming Ace is not a small business entity. (Note this question is from the Week 8 Tutorial) Your client is a medium-sized manufacturing company and has provided you with its accounting records for the financial year ending 30 June 2020. assets. The closing value of the low-value pool at 30 June 2019 was $8,000. Ace purchased a (7 marks. Word limit: Minimum of 120 words. Maximum of 150 words) Question 2 (7 marks) The following amounts listed below from (a) (f) are included in the accounting records. How would you treat them for tax purposes? (a) (Note The exact amounts are to be calculated and discussed in your response) The provision for long service leave for the employees is $35,000. The actual amount paid during the year was $20,000 for the year ended 30 June 2020. (1 mark) (b) The Insurance premium on the plant and equipment is $30,000, which was paid on 1 March 2020 for the next 12 months. (1 mark) camera on 20 Jan 2020 for $840. Advise Ace of the Income Tax consequences arising out of the above information for the 2019 - 2020 Income year assuming Ace is not a small business entity. (Note this question is from the Week 8 Tutorial) Your client is a medium-sized manufacturing company and has provided you with its accounting records for the financial year ending 30 June 2020