Question
Extracts from the Statement of Financial Position for Unicorn Ltd at 30 June 20X1 showed the following assets and liabilities. 20X1 Assets Accounts receivable 510,000
Extracts from the Statement of Financial Position for Unicorn Ltd at 30 June 20X1 showed the following assets and liabilities.
20X1 | |
Assets | |
Accounts receivable | 510,000 |
Allowance for doubtful debts | (22,000) |
Prepaid insurance | 34,000 |
Plant | 690,000 |
Accumulated depreciation | (210,000) |
| |
Liabilities | |
Provision for long service leave | 230,000 |
Additional information
- Accumulated depreciation for tax purposes at 30 June 20X1 was $160,000.
- Debts are deductible for tax purposes when they are written off.
- Insurance is deductible for tax purposes when it is paid.
- Long service leave is deductible for tax purposes when it is paid.
- The tax rate is 30%.
Required:
Write in the box below the balance of the Deferred Tax Asset account that would appear in the financial statements of the company as at 30 June 20X1, determined in accordance with the requirements of AASB 112: Income Taxes. Do not include any dollar signs, commas, spaces or decimals in your answer.
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