Plz answer all sub-question as a whole. thanks so much. definitely will thumb up if you did it.

It is the year ending 30 June 2018 and Monkey Ltd has prepared the following Income Statement: Monkey Ltd Income statement for the year ended 30 June 2018 Revenue Sales revenue 1,000,000 50,000 Interest income 1,050,000 Less Expenses Administration expense 150,000 Salary expense Entertainment expense Doubtful debts expense 500,000 54,000 38,000 28,000 60,000 (830,000) Long-service leave expense Depreciation expense Profit before tax 220,000 Also, the following information is extracted from the balance sheet as at 30 June 2018: Monkey Ltd Balance sheet as at 30 June 2018 Assets (extracts) Accounts receivable net 150,000 10,000 Interest receivable 390,000 Equipment - net Liabilities(extracts) Salary payable Provision for long-service leave 20,000 34,000 Monkey Ltd also has the following information for the year ended 30 June 2018: Sales revenue, including those on credit terms, are taxed at the time the sales are made. During the year, Monkey Ltd recorded $50,000 interest income. However, only $40,000 was received by Monkey Ltd by the end of the financial year. For tax purposes, interest income is only taxable once it is received. All administration expenses incurred have been paid as at year end. These items are deductible for tax purposes when paid. Salary expense for the year amounted to $500,000. At year end, $480,000 of this amount had been paid. For tax purposes, salaries are deductible when incurred. During the year, Monkey Ltd paid $54,000 for entertainment expenses. However, only 50% of entertainment expenses are allowed as a tax deduction and the other 50% will never be deductible for tax purposes The opening balance (on 1 July 2017) of the allowance for doubtful debts was $22,000. During the year, Monkey Ltd recognised $38,000 as doubtful debts expense. At year end, the closing balance of the allowance for doubtful debts is $35,000. The doubtful debts expense is not tax deductible until the debtor is actually written off as bad. During the year, Monkey Ltd recognised $28,000 for its long-service leave expense. At year end, the provision for long-service leave has a balance of $34,000. On 1 July 2017, the opening balance for the provision for long-service leave was $18,000. Only actual amounts paid are allowed as a tax deduction The equipment was acquired on 1 July 2016 at a cost of $380,000. The equipment has an economic life of 6 years with a residual value of $20,000. The straight line method of depreciation is used to depreciate the equipment for accounting purposes. For tax purposes, the cost of the equipment is depreciated over 4 years using the straight line method. On 30 June 2018, the equipment was also revalued to $390,000 and is expected to continue to be used in the business As at 30 June 2017, total deferred tax assets were $12,000 and total deferred tax liabilities were $10,500 The tax rate changed from 30 percent to 28 percent at the beginning of the current financial year (1 July 2017) Required (a) accordance with NZ IAS 12, calculate Monkey Ltd's taxable profit and provide the journal entry for its current tax for the year ended 30 June 2018. Use WORKSHEET 2 that is provided on page 16 of the ANSWER BOOKLET for your answe wer. (5 marks) (b) In accordance with NZ IAS 12, calculate Monkey Ltd's deferred tax assets and liabilities, and provide the journal entries to account for its deferred tax for the year ended 30 June 2018 Use WORKSHEET 3 that is provided on pages 18 and 19 of the ANSWER BOOKLET for your answer. (8 marks) (c) Calculate the total tax expense figure and prepare the income statement extract for Monkey Ltd to disclose its tax expense for the year ended 30 June 2018. Also prepare the balance sheet extract to show how to disclose its current tax payable and deferred tax balance as at 30 June 2018. Use WORKSHEET 4 that is provided on page 20 of the ANSWER BOOKLET for your answer (5 marks) (d) Prepare a numerical reconciliation between Monkey Ltd's tax expense and accounting profit. That is, clearly show why the total reported tax expense is not equal to the expected tax expense (i.e., the product between accounting profit before tax and the current tax rate). Use WORKSHEET 5 that is provided on page 21 of the ANSWER BOOKLET for your answer. (2 marks) It is the year ending 30 June 2018 and Monkey Ltd has prepared the following Income Statement: Monkey Ltd Income statement for the year ended 30 June 2018 Revenue Sales revenue 1,000,000 50,000 Interest income 1,050,000 Less Expenses Administration expense 150,000 Salary expense Entertainment expense Doubtful debts expense 500,000 54,000 38,000 28,000 60,000 (830,000) Long-service leave expense Depreciation expense Profit before tax 220,000 Also, the following information is extracted from the balance sheet as at 30 June 2018: Monkey Ltd Balance sheet as at 30 June 2018 Assets (extracts) Accounts receivable net 150,000 10,000 Interest receivable 390,000 Equipment - net Liabilities(extracts) Salary payable Provision for long-service leave 20,000 34,000 Monkey Ltd also has the following information for the year ended 30 June 2018: Sales revenue, including those on credit terms, are taxed at the time the sales are made. During the year, Monkey Ltd recorded $50,000 interest income. However, only $40,000 was received by Monkey Ltd by the end of the financial year. For tax purposes, interest income is only taxable once it is received. All administration expenses incurred have been paid as at year end. These items are deductible for tax purposes when paid. Salary expense for the year amounted to $500,000. At year end, $480,000 of this amount had been paid. For tax purposes, salaries are deductible when incurred. During the year, Monkey Ltd paid $54,000 for entertainment expenses. However, only 50% of entertainment expenses are allowed as a tax deduction and the other 50% will never be deductible for tax purposes The opening balance (on 1 July 2017) of the allowance for doubtful debts was $22,000. During the year, Monkey Ltd recognised $38,000 as doubtful debts expense. At year end, the closing balance of the allowance for doubtful debts is $35,000. The doubtful debts expense is not tax deductible until the debtor is actually written off as bad. During the year, Monkey Ltd recognised $28,000 for its long-service leave expense. At year end, the provision for long-service leave has a balance of $34,000. On 1 July 2017, the opening balance for the provision for long-service leave was $18,000. Only actual amounts paid are allowed as a tax deduction The equipment was acquired on 1 July 2016 at a cost of $380,000. The equipment has an economic life of 6 years with a residual value of $20,000. The straight line method of depreciation is used to depreciate the equipment for accounting purposes. For tax purposes, the cost of the equipment is depreciated over 4 years using the straight line method. On 30 June 2018, the equipment was also revalued to $390,000 and is expected to continue to be used in the business As at 30 June 2017, total deferred tax assets were $12,000 and total deferred tax liabilities were $10,500 The tax rate changed from 30 percent to 28 percent at the beginning of the current financial year (1 July 2017) Required (a) accordance with NZ IAS 12, calculate Monkey Ltd's taxable profit and provide the journal entry for its current tax for the year ended 30 June 2018. Use WORKSHEET 2 that is provided on page 16 of the ANSWER BOOKLET for your answe wer. (5 marks) (b) In accordance with NZ IAS 12, calculate Monkey Ltd's deferred tax assets and liabilities, and provide the journal entries to account for its deferred tax for the year ended 30 June 2018 Use WORKSHEET 3 that is provided on pages 18 and 19 of the ANSWER BOOKLET for your answer. (8 marks) (c) Calculate the total tax expense figure and prepare the income statement extract for Monkey Ltd to disclose its tax expense for the year ended 30 June 2018. Also prepare the balance sheet extract to show how to disclose its current tax payable and deferred tax balance as at 30 June 2018. Use WORKSHEET 4 that is provided on page 20 of the ANSWER BOOKLET for your answer (5 marks) (d) Prepare a numerical reconciliation between Monkey Ltd's tax expense and accounting profit. That is, clearly show why the total reported tax expense is not equal to the expected tax expense (i.e., the product between accounting profit before tax and the current tax rate). Use WORKSHEET 5 that is provided on page 21 of the ANSWER BOOKLET for your answer. (2 marks)