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Question 2 Alounting for Income Tax Total: 15 marks The profit before tax, as reported in the Statement of Profit or Loss for Bear Ltd for the year ending 30 June 2019 is $40 000. Included in the profit were the following income and expense items: $ Government grant 30 000 Interest revenue 15 000 Rent revenue 35 000 Bad debts expense 5 000 Depreciation expense - equipment 24 000 Long service leave expense 20 000 Question 2 continued on the next page Question 2 continued The draft comparative Statement of Financial Position of Bear Ltd as at 30 June 2019 be included the following assets and liabilities: 2019 2018 Assets Accounts receivable 85 000 100 000 Allowance for doubtful debts (5 000) (10 000) Interest receivable 32 000 24000 Equipment 240 000 240 000 Accumulated depreciation - equipment (72 000) (48 000) Deferred tax asset 27 000 Liabilities eros Rent revenue received in advance 45 000 60 000 Provision for long service leave 25 000 45 000 verilib Deferred tax liability 26 000 Oto bre Additional information: Bear Ltd started to prepare the deferred tax worksheet for the year ending 30 June 2019 and calculated the following totals for temporary differences: 7 Taxable temporary differences $80 000 Deductible temporary differences $75 000 Bear Ltd did not complete the deferred tax calculations and has not yet calculated current tax expense. 31 Equipment is depreciated using the straight line method over 10 years for accounting purposes and using the straight line method over 6 years for taxation 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: olib Tollinemu 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 o . x 301