Q 1. A part TACC605

QUESTION 1: INCOME TAX EXPENSE (20 MARKS) PART A: Prepare a current tax worksheet (10 MARKS) You are required to account for income tax for the year ending 30 June 2021. Relevant information is as follows: Accounting profit before tax $ 80,000 Non-deductible Fines $ 6,000 Warranty expense $ 7,000 Warranty paid $ 5,000 Depreciation expense $ 10,000 Depreciation allowed for tax $ 12,000 Annual leave expense $ 8,000 Annual leave Paid $ 3,000 R&D (Asset) paid $ 5,000 Corporate tax rate 30% Required: Prepare the current tax worksheet and the current tax journal entry for 30.6.21