The following data applies to the company XYZ:

• Profit before tax for the year to 30 June 2020 - $200,000
• Taxable income for the year to 30 June 2020 - $ 450,000
• Deferred tax liability 1 July 2019 - $105,000
• Deferred tax Asset 1 July 2019 - $64,000
• Taxable temporary differences on 30 June 2020 - $320,000
• Deductible temporary differences at 30 June 2020 - $210,000

Assume the corporate tax is 40%.

Select the right calculations for the required tax components and related journal entries:

Income tax expense for the year ended 30 June 2020, credited to Current Tax Liability would be:	Answer 1Choose...Dr Deferred Tax Liability-3,750 Cr Income Tax Expense- 1,250 Cr Deferred Tax Asset-2,500$128,000Dr Deferred Tax Liability -3,750 Cr Income Tax Expense- 2,500 Cr Deferred Tax Asset-1,250Dr Deferred Tax Asset- 20,000 Dr Income Tax Expense- 3,000 Cr Deferred Tax Liability-23,000$95,750$23,000$15,000$116,750There is no enough information.$52,650$20,000$180,000$27,500
Deferred tax liability (Before adjusting to opening balance) as of 30th June 2020 would be:	Answer 2Choose...Dr Deferred Tax Liability-3,750 Cr Income Tax Expense- 1,250 Cr Deferred Tax Asset-2,500$128,000Dr Deferred Tax Liability -3,750 Cr Income Tax Expense- 2,500 Cr Deferred Tax Asset-1,250Dr Deferred Tax Asset- 20,000 Dr Income Tax Expense- 3,000 Cr Deferred Tax Liability-23,000$95,750$23,000$15,000$116,750There is no enough information.$52,650$20,000$180,000$27,500
Increase in deferred tax asset for the year ended 30th June 2020 would be:	Answer 3Choose...Dr Deferred Tax Liability-3,750 Cr Income Tax Expense- 1,250 Cr Deferred Tax Asset-2,500$128,000Dr Deferred Tax Liability -3,750 Cr Income Tax Expense- 2,500 Cr Deferred Tax Asset-1,250Dr Deferred Tax Asset- 20,000 Dr Income Tax Expense- 3,000 Cr Deferred Tax Liability-23,000$95,750$23,000$15,000$116,750There is no enough information.$52,650$20,000$180,000$27,500
Journal entry to record deferred tax for the year ended 30th June 2020?	Answer 4