The CFO of Chips Itd has asked you to calculate the taxable income and prepare jo entries at $30$th June $2023.$ Use the information below in your calculation.

$\backslash$table$[[$Accounting Profit$/($Loss$)$ before tax,$200,000],[$Penalty costs,$20,000],[$Insurance paid $**,25,000],[$Doubtful debts expense.,$15,000],[$Depreciation Motor Vehicle,$10,000],[$Long service leave expense,$5,000],[$Depreciation for tax $-$ Motor Vehicle$**,20,000],[$Long service leave paid. $****,7,000],[$Bad debt written off $**,13,000],[$Insurance expense,$10,000]]$

Note These items $**$ are deductible for tax purposes

Calculate tac liability for chips ltd

Prepare journal entry to show this