QUESTION 1 (30 MARKS) A) The following data applies to the two unrelated companies Lloyd Bhd and Cole Bhd: - Lloyd Bhd Cole Bhd RM RM Profit before tax for the year to 30 June 2017 1,300,000 136,000 Taxable income for the year to 30 June 2017 340,000 150,000 Deferred tax liability 1 July 2016 90,000 Deferred tax asset 1 July 2016 15,000 Taxable temporary differences at 30 June 2017 960,000 306,000 Deductible temporary differences at 30 June 2017 70,000 All taxable and deductible temporary differences relate to the profit or loss. Assume a corporate tax rate of 30%. Required: a) Prepare the journal entries to record the current and deferred tax for 30 June 2017 for each company. (10 marks)