HA3011,Past Exam2 13,20 x 169084-dt , Past%20Exam,2.73,201 7 pdf Question 3 (14 marks) H&Y Ltd purchased a machine on 1 July 2014 at a cost of $320,000. The machine is expected to have a useful life of 4 years (straight line basis) and no residual value. For taxation purposes the ATO allows the company to depreciate the asset over 5 years. The profit before tax for the company for the year ending 30 June 2015 is $500,000. The tax rate is 30%. Required: a) Calculate the company's taxable profit and hence its tax payable for 2015. (4 marks) b) Determine the deferred tax liability or deferred tax asset that will result. (4 marks) c) Prepare the necessary journal entries at 30 June 2015. (3 marks) d) List examples of temporary differences that create a deferred tax asset and a deferred tax liability (each with one example). (3 marks) 9 0