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just question 2

The draft comparative Statement of Financial Position of Bear Lid as at 30 June 2019 included the following assets and liabilities: vissesoon och erus er 08 101 sisluc Ismuol ent bisgerg bris einulocos villidail xsi beriotab ofit brit 2019 es xef bensi 2018 Assets may urted $ $ Accounts receivable inpose of v 85 000 100 000 Allowance for doubtful debts (5 000) (10 000) Interest receivable hee sonswears bnis gnitibus pribivong 32 000 d arlf ni 24 000 Equipment to face s is cros vul N no beserionuq bar 240 000 ibliud o 240 000 1989 Accumulated depreciation - equipment Ons alsoy as to elil (72 000) smiles (48 000) Deferred tax asset 27 000 liud Liabilities ssensit griwollot ent eros anut 08 of BT08 vul 1864 Isionan Rent revenue received in advance 45 000 60 000 Provision for long service leave noitsuisver ert betgobs by. 25 000 45 000 ove Deferred tax liability 8108 VUL no priblind erit 101 000 0884 10 sulev list eris beaingoout 26 000 anBay Of to sill luisau prinismor's bert ghibliud or slab Jarit no Isrit beismiles Additional information: ooo ese to Bear Lid started to prepare the deferred tax worksheet for the year ending 30 June 2019 and calculated the following totals for temporary differences: Taxable temporary differences $80 000 Deductible temporary differences Be1 erdt $75 000 ublind erit . Bear Lid did not complete the deferred tax calculations and has not yet calculated current tax expense. x 301. I Bow elso farit no priblind ent 101 000 084 . Equipment is depreciated using the straight line method over 10 years for of beaccounting 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. an en . The company tax rate is 30% Required: sensu lis seing open of pribliud and Tol eshthe lamuJol visassoon er) 61sge19 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 pageQuestion 2 continued beunitnoo S nonesup Required: 08 is as bid ised to nolfiso Isionsni- to Inemsiste evilsisgmoo fisib on b) Calculate for 30 June 2019 the necessary end of year adjustments needed for the deferred tax asset and the deferred tax liability accounts and prepare the journal entry to recognise these adjustments. (5 marks) eldsvigo91 elnuoooA 000 0 Question 3 (000 a) atdeb Total: 15 marks Peppy Lid was in the business of providing auditing and assurance services. The business owned only one building that it had purchased on 1 July 2015 at a cost of $450 000. The building had an estimated useful life of 25 years and a residual value of $25 000,MA sees xst beneted During the financial year 1 July 2018 to 30 June 2019 the following transactions and events related to the building occurred: conevbe ni bevisost sunever Ineh . On 1 July 2018 Peppy Lid adopted the revaluation model to measure the building and recognised the fair value of $389 000 for the building on that date. Peppy Ltd estimated that on that date the building had a remaining useful life of 20 years and nolismoini lenollibbA onul a residual value of $29 000. On 1 November 2018 Peppy Ltd completed renovations on the building. The total cost of the renovations was $86 000 and resulted in an increase in the useful life of imated to be 22