Robert Ltd commences operations on 1 July 2017. On the same date, it purchases a fibreglassing machine at a cost of $600 000. The machine is expected to have a useful life of 4 years, with benefits being uniform throughout its life. It will have no residual value at the end of 4 years. Hence, for accounting purposes the depreciation expense would be $150 000 per year. For taxation purposes, the ATO allows the company to depreciate the asset over 3 years- that is $200 000 per year. The tax rate 30%. The profit before tax for the year ending 30 June 2018 is % 1 200 000. To calculate this profit, the company has deducted the followings: -Entertainment expense $12 000 -Rent expense for year ended 30 June 2018, but not paid $ 10 000 -Goodwill impairment $ 1 000 -Doubtful Debts expense $1 000 -Amount provided in 2018 for employees' long service leave entitlements $3 000 -Car parking fine $500 1) Calculate the company's taxable profit and hence its tax payable for 2018 2) Determine the deferred tax liability and/or deferred tax assets that will result. a) Prepare the necessary jo Pacman Ltd commenced business in 2009. For the year-ending 31/12/2011, they incur a loss of $2.2 million. It is not anticipated that there will be further losses as the company becomes more established in the market and will generate taxable profit in subsequent years. Profit before tax for subsequent years are: 2012: $560 000 2013: $890 000 2014: $970 0001 There are no temporary difference between carrying value of assets or liabilities. Tax rate is 30% Prepare journal entries for 2011, 2012, and 2013. Ignore tax rate changes for July 1, 2012. 3) Write the journal entries at 30 June 2018