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Required:Prepare the current tax worksheet for the year ended 30 June 2019 and the applicable tax entries (show all workings). Part D . .- Part

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Required:Prepare the current tax worksheet for the year ended 30 June 2019 and the applicable tax entries (show all workings).

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Part D . .- Part B (10 marks) This question is NOT related to Part A The accounting profit before tax of Bison Lid for the year ended 30 June 2019 was $250,000 and included the following items of income and expense: Rent revenue $ 18 000 Interest revenue 9 000 Royalty revenue (exempt from tax) 8 000 Amortisation of development costs 20 000 Bad debts expense 16 300 Depreciation expense - plant and equipment 30 000 The following represents an extract of the assets and liabilities from the Statement of Financial Position of Bison Lid for the years ending 30 June 2019 and 2018 2019 2018 Assets Accounts receivable 279 000 265 000 Allowance for doubtful debts (26 000) (22 000) Interest receivable 13 800 16 000 Development costs 100 000 Accumulated amortisation (20 000) Plant and equipment 200 000 200 000 Accumulated depreciation (60 000) 30 000) Liabilities Accounts payable 85 000 80 000 Unearned rent revenue 29 000 33 000 Additional information: (a) Development costs were paid in the 2019 financial year and deducted in full for tax purposes in the same year. (b) Rent is assessable when received. (c) All plant and equipment were purchased at the beginning of 2018 financial year. The depreciation rates for plant and equipment are 15% and 10% straight-line for accounting and tax purposes respectively. (d) For the year ended 30 June 2018, the company recorded a tax loss of $27,500. The company recognised a deferred tax asset in respect of these tax losses. (e) The tax rate is 30%. Required: Prepare the current tax worksheet for the year ended 30 June 2019 and the applicable tax entries (show all workings). (10 marks)

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