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q1. Prepare a deferred tax worksheet to identify the temporary differences, and to calculate the balance of the deferred tax liability and deferred tax asset
q1. Prepare a deferred tax worksheet to identify the temporary differences, and to calculate the balance of the deferred tax liability and deferred tax asset accounts at 30 june 2020. q2. Prepare a journal entry for any adjustment to deferred tax balabce at 30 june 2020 Question 3 (20 marks) The following information was extracted from the records of James Ltd for the year ended 30 June 2020. James Ltd Statement of financial position (extract) as at 30 June 2020 Assets S S. Equipment 90,000 Accumulated depreciation (30,000) 60,000 Liabilities Interest payable 5.000 5,000 Additional information The accumulated tax depreciation for equipment at 30 June 2020 was $50 000. Under tax rules interest is recognised when it is paid, and not as an accrual/payable. The opening balances of the deferred tax accounts were deferred tax asset 600 and deferred tax liability $500. The tax rate is 30%. Mar Book All
q1. Prepare a deferred tax worksheet to identify the temporary differences, and to calculate the balance of the deferred tax liability and deferred tax asset accounts at 30 june 2020.
q2. Prepare a journal entry for any adjustment to deferred tax balabce at 30 june 2020
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