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Question 2 30 Marks Penguin Ltd began operations on 1 July 2019. One year after operations, the entity presents its first Statement of Comprehensive Income and Statement of Financial Position on 30 June 2020. However, the statements were prepared for internal purposes but income tax calculations were ignored. Accounting profit before income tax for the year 30 June 2020 of Penguin Ltd amounted to $2,720,000, including the following revenue and expenses. Sales Depreciation expense - Plant and Machinery Depreciation expense - Equipment Depreciation expense - Furnitures and Fixtures Insurance Rent of premises Other expenses Administrative expenses Entertainment costs Wages Long service leave Warranty expenses Cost of sales $ 11,760,000 201,000 232,000 50,000 138,600 74,000 198,000 529,200 44,000 720,000 252,000 151,200 6,450,000 Penguin Ltd Assets and Liabilities disclosed in the Statement of Financial Position for the year ended 30 June 2020 $ $ Assets Cash/ Bank Accounts Receivables (net) 102,000 378,000 502,800 51,900 Inventory Prepaid insurance Plants & Machinery - cost Less - Accumulated depreciation 2,010,000 201,000 1,809,000 Equipment-cost Less - Accumulated depreciation 1,160,000 232.000 928,000 Furnitures and fixtures - cost Less - Accumulated depreciation 600,000 50,000 Land 550,000 2,268,000 6,589,700 Total assets Liabilities Accounts payables Rent payable Provision for warranty expenses Provision for long service leave Loan payable Total liabilities Net assets 403,200 50,000 100,800 88,200 1,008,000 1,650,200 4,939,500 Additional information: The Plants & Machinery are depreciated over 10 years for accounting purposes, but over 8 years for taxation purposes. The useful life of computers is 4 years for the tax purposes and 5 years for accounting purposes. Therefore, there is a temporary difference between accounting and taxation depreciation for Plant & Machinery, and Equipment. . All administration, wages and other expenses incurred have been paid as at year- end. Penguin Ltd has some land which cost $1,470,000 and which has been re-valued to its fair value of $2,268,000. Entertainment expenses and depreciation of furniture and fixtures are not allowed as deductions for income tax. . The amount of $163,800 long service leave expense has been paid. Insurance was initially prepaid to the amount of $190,500. Actual amounts paid are allowed as a tax deduction. . Amounts received from sales, including those on credit terms, are taxed at the time of the sale is made. . Warranty expenses were accrued and, at the year-end, actual payments were made of $50,400. Deductions for tax purposes are only available when the amounts are paid and not as they accrued. The tax rate is 30 per cent. Required: (i) Compute the Taxable income or Loss. (using excel spreadsheet). 12 Marks (ii) Prepare the Taxation Worksheet on the next page in accordance with AASB 112 Income Taxes. (using excel spreadsheet). 10.5 Marks (iii) Prepare the applicable Journal Entries at 30 June 2020 to account for tax using the Balance Sheet Method. 7.5 Marks Note: Copy the excel spreadsheets and paste on the word document