Deferred tax worksheet How do we get the taxation $2 062 500 for Research and development ?

Ans 1. Computation of Current Tax Expenses: Ans 2. Computation of Deferred Tax: Ans 3. Journal Entries: \begin{tabular}{|l|c|c|} \hline Sales revenue & 9,245,000 & \\ \hline Interest revenue & 850,000 & \\ \hline Royalties revenue & 1,450,000 & \\ \hline Dividend revenue & 150,000 & \\ \hline Depreciation-building & 147,500 & \\ \hline Depreciation-plant & 262,500 & \\ \hline Depreciation-equipment & 75,000 & \\ \hline Research and development expenditure & 1,650,000 & \\ \hline Cost of goods sold & 4,005,000 & \\ \hline Warranty expense & 195,000 & \\ \hline Wages and salaries expense & 3,475,000 & \\ \hline Long service leave expense & 235,000 & \\ \hline Interest expense & 305,000 & \\ \hline Rates and taxes on property & 145,500 & \\ \hline Doubtful debts expense & 142,500 & \\ \hline Accounts receivable & 675,000 & 375,000 \\ \hline Estimated uncollectible debts & 182,000 & 95,000 \\ \hline Interest receivable & 300,000 & 275,000 \\ \hline Royalties receivable & 920,000 & 745,000 \\ \hline Land (at cost) & 2,500,000 & 2,500,000 \\ \hline Buildings & 3,200,000 & 3,200,000 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|} \hline Accumulated depreciation-buildings & 442,500 & 295,000 \\ \hline Plant & 2,100,000 & 2,100,000 \\ \hline Accumulated depreciation-Plant & 787,500 & 525,000 \\ \hline Equipment & 750,000 & 750,000 \\ \hline Accumulated depreciation-equipment & 225,000 & 150,000 \\ \hline Wages and salaries payable & 345,000 & 265,000 \\ \hline Provision for long service leave & 355,000 & 245,000 \\ \hline Provision for warranty claims & 130,000 & 115,000 \\ \hline \end{tabular} 1. All depreciable assets were acquired on 1 July 2019. For financial reporting purposes, depreciation is recognised on a straight-line basis, over 20 years for buildings (estimated residual value $250,000 ), eight years for plant and 10 years for equipment. For tax purposes, straight line depreciation is applied over 40,10 and eight years, respectively. 2. After reviewing all relevant information, the directors determined that, at 30 June 2022, the plant was impaired by $250,000 (this is not reflected in the amounts presented in the trial balance). 3. On 30 June 2022, after careful consideration, the directors of Suva Ltd decided to adopt the fair value model for land; the fair value of land on 1 July 2021 was $3,500,000 and on 30 June 2022 was $3,250,000. 4. The research and development expenditure qualifies for the additional 25% taxation deduction. 5. The tax rate at 30 June 2021 was 30%. On 15 June 2022 , legislation was enacted decreasing the tax rate to 25% effective 1 July 2022 . Required: 1. Calculate the amount of current tax expense. Use an appropriately labelled table for this task. 2. Prepare a deferred tax worksheet to calculate the amounts for deferred tax assets and deferred tax liabilities for the reporting period 30 June 2022. Use an appropriately labelled table for this task. 3. Prepare journal entries for the income tax expense related items for the reporting period 30 June 2022