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the question is as below Chapter? Income Taxes 1. Calculate the carrying amount and tax base of the asset in each of the following CASES

the question is as below

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Chapter? Income Taxes 1. Calculate the carrying amount and tax base of the asset in each of the following CASES (1) A machine costs $100 and has been depreciated for becounting purposes by $20. Revenue generated by using the machine is taxable, and any gain or loss on disposal will be subject to a balancing adjustment (such as for recouped depreciation) for tax purpose. For tax purposes, depreciation of $30 has already been deducted in the current and prior periods and the remaining cost will be deductible in future periods. (2) Leasehold land with a cost of $100 and a carrying amount of $90 is revalued to $150. For tax purpose, depreciation of $20 has been deducted in the current and prior periods and the remaining cost will be deductible in future periods through depreciation. Revenue generated from the use of the leasehold land is taxable and any gain or loss on disposal will be subject to a balancing adjustment for tax purposes. (3) Trade receivables have a carrying amount of $100 and are expected to be recovered through payments from debtors. There are no doubtful debts. The related revenue of $100 has already been included in the calculation of taxable profit. (4) Trade receivables have a net carrying amount of $80, for which specific bad debt provisions amounting to $20 have been made. These provisions have already been deducted for tax purposes. (5) An interest receivable has a carting amount of $100. The related interest revenue will be taxed only when received

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