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The following information relates to Beetcon Limited for the year ended 30 June 2014. Accounting profit before income tax (after all expenses have been included):
The following information relates to Beetcon Limited for the year ended 30 June 2014. Accounting profit before income tax (after all expenses have been included): $500 000 Fines and penalties (not tax deductible): $20 000 Depreciation of plant (accounting): $40 000 Depreciation of plant (tax): $100 000 Long-service leave expense (not a tax deduction until the leave is paid): $8 000 Income tax rate: 30% Required: Based on this information calculate the current tax liability. Write the necessary journal entries
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