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mg ent berowens ed of anoilasup () Navaa supa to fon al not alnab (4 ma Question 2 Accounting For Income Tax Total: 15 ma The profit before tax, as reported in the Statement of Profit or Loss for Bear Ltd year ending 30 June 2019 is $40 000. Included in the profit were the following incom expense items: Government grant 30 000 Interest revenue 15 000 Rent revenue 35 000 Bad debts expense 5 000 Depreciation expense - equipment um 124 000 Long service leave expense 20 000 Question 2 continued on the next pa 2018 SEP 19 ACCY200 Wollongong Spring 2018 Page 2 0 Page 3 of 9estion 2 continued The draft comparative Statement of Financial Position of Bear Lid as at 30 June 2019 included the following assets and liabilities: vissesoon and eros 08 101 8isluol Ismuol ent siegerg bris einuosos villidell xef benietab on 2019 es xsi bene 2018 Assets $ $ Accounts receivable 85 000 100 000 Allowance for doubtful debts low (5 000) (10 000) Interest receivable hee sonsieas bnis pritibus pribivong to 32 000 24 000 240 000 1989 Equipment to jaco s to alOS vul N no beserioruq bs 240 000 ibliud 9 Accumulated depreciation - equipment Dns ansay as to elil (72 000) (48 000) Deferred tax asset 27 000 viud Liabilities losenet gruwollof ert Gros enut 08 of STOS Flut Rent revenue received in advance y Curtabe Hugo 45 000 Jesy Isionen 25 000 d erli of b 60 000 Provision for long service leave noitsuisver erit betgobs bil 45 000 Deferred tax liability no ghibliud erit 101 000 0884 to sulev list erit beainboost bris 26 000 one assy Osito stil lutsay gninienter s berl ghibliud ertl sisb farit no Jerli belsmiles Additional information: .000 es3 . Bear Lid started to prepare the deferred tax worksheet for the year ending 30 June 2019 and calculated the following totals for temporary differences: SS ad of beTaxable temporary differences $80 000 or to 1809 Deductible temporary differences phinismen $75 000 . Bear Lid did not complete the deferred tax calculations and has not yet calculated current tax expense. x 301. ne BROS asw sisb tarit no gniblind erit 101 000 0ap Equipment is depreciated using the straight line method over 10 years for of be accounting purposes and using the straight line method over 6 years for taxation of purposes. There is no residual value on equipment. All equipment was purchased on 1 July 2016 and there have been no further purchases and no sales of equipment. . The company tax rate is 30% Required: sendit lis seingosen of phiblind eri not eshins lamwol visassoon ell eisge19 a) Prepare the current tax worksheet and the journal entry to recognise current tax expense at 30 June 2019. (10 marks) Question 2 continued on the next page