Question 4 Accounting for Income Tax (20 marks) 4.3 (12 marks) Robison Lid commences operations on 1 July 2016. On the same date, it purchases a tha atta $1,000 000. The equipment is expected to have a useful life of five years, with benefits being uniforms its life. It will have no residual value at the end of fifth year. For taxation purposes, the ATO allows the o to depreciate the asset over four years. The profit before tax of the company for each of the next five financial years is $800 OC $920 000, and $970 000 respectively. The tax rate is 30 per cent Required: Determine the tax expenses and taxes payable for the financia necessary accounting journal entries. (12 marks) B