The following data applies to the company XYZ:

• Profit before tax for the year to 30 June 2020 - $110,000
• Taxable income for the year to 30 June 2020 - $ 174,000
• Deferred tax liability 1 July 2019 - $55,000
• Deferred tax Asset 1 July 2019 - $15,000
• Taxable temporary differences on 30 June 2020 - $225,000
• Deductible temporary differences at 30 June 2020 - $75,000

Assume the corporate tax is 25%.

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...$15,000$3,750(Dr) Deferred Tax Liability -3,750 (Cr) Income Tax Expense- 2,500 (Cr) Deferred Tax Asset-1,250$116,750$56,250$43,500(Dr) Deferred Tax Liability-3,750 (Cr) Income Tax Expense- 1,250 (Cr) Deferred Tax Asset-2,500There is no enough information.$52,650$18,750(Dr) Deferred Tax Asset-3,750 (Cr) Income Tax Expense- 2,500 (Cr) Deferred Tax Liability-1,250$95,750$27,500
Deferred tax liability (Before adjusting) as of 30th June 2020 would be:	Answer 2Choose...$15,000$3,750(Dr) Deferred Tax Liability -3,750 (Cr) Income Tax Expense- 2,500 (Cr) Deferred Tax Asset-1,250$116,750$56,250$43,500(Dr) Deferred Tax Liability-3,750 (Cr) Income Tax Expense- 1,250 (Cr) Deferred Tax Asset-2,500There is no enough information.$52,650$18,750(Dr) Deferred Tax Asset-3,750 (Cr) Income Tax Expense- 2,500 (Cr) Deferred Tax Liability-1,250$95,750$27,500
Increase in deferred tax asset for the year ended 30th June 2020 would be:	Answer 3Choose...$15,000$3,750(Dr) Deferred Tax Liability -3,750 (Cr) Income Tax Expense- 2,500 (Cr) Deferred Tax Asset-1,250$116,750$56,250$43,500(Dr) Deferred Tax Liability-3,750 (Cr) Income Tax Expense- 1,250 (Cr) Deferred Tax Asset-2,500There is no enough information.$52,650$18,750(Dr) Deferred Tax Asset-3,750 (Cr) Income Tax Expense- 2,500 (Cr) Deferred Tax Liability-1,250$95,750$27,500
Journal entry for deferred tax?	Answer 4