Under NZ tax law: the company is GST registered, and its financial year ends at 31 March.

All figures mentioned are GST exclusive, unless otherwise stated.

Provisional tax of $22,000 was paid for the year to 31 March 2020 in three equal instalments on 28 August 2019, 15 January 2020 and 7 May 2020.

Provisional tax of $7,200 was paid on 7 May 2019 in relation to the year ended 31 March 2019.

Terminal tax of $2,675 was paid on 7 April 2019 in relation to the year ended 31 March 2018. Poppy Seed Limited has a single shareholder, Poppy Seed.

Complete the imputation credit account for Poppy Seed Ltd for the year to 31 March 2020. (6 marks) 1 April 2019 opening balance 2,300

\begin{tabular}{|c|c|} \hline \multicolumn{2}{|l|}{ Poppy Seed Ltd } \\ \hline \multicolumn{2}{|c|}{ Statement of Financial Performance for the year ended 31 March 2020} \\ \hline Income & $ \\ \hline Sales & 670,000 \\ \hline Interest & 11,650 (a) Interest includes $3,262 of RWT (paid 31 March 2020) \\ \hline Total income & 681,650 \\ \hline \multicolumn{2}{|l|}{ Expenses } \\ \hline Cost of sales & 415,100 \\ \hline Depreciation & 52,500 (b) This is accounting depreciation. \\ \hline Motor vehicle expenses & 15,300 (c) This includes all expenses relating to all the motor vehicles in the asset table. \\ \hline FBT & 2,800 (d) FBT is paid by the company on Poppy's private use of the Lexus (in the asset table below) \\ \hline Christmas party & 1,450 (e) The Christmas party was held at the office for all the staff. \\ \hline Net salaries/wages & 35,200 \\ \hline PAYE & 8,800 \\ \hline Donations & 500 (f) The donation was made to the Salvation Army for their Christmas appeal. \\ \hline Furniture & 6,500 (g) This is for new office furniture, purchased on 16 January 2020. \\ \hline Other expenses & 53,500 \\ \hline Total expenses & 591,650 \\ \hline Profit for the year & 90,000 \\ \hline \end{tabular} \begin{tabular}{|llrrc|} \hline Details of assets & Purchase date & \begin{tabular}{r} Cost \\ (GST exclusive) \end{tabular} & \begin{tabular}{r} Accumulated depreciation \\ at 1.4.19 \end{tabular} & Depreciation rate (DV) \\ Lexus car & 15 March 2019 & $108,000 & $2,700 & 30% \\ Hyundai utility vehicle & 1 April 2017 & $50,000 & $18,000 & 20% \\ Toyota utility vehicle & 17 June 2019 & $55,000 & $0 & 20% \\ Office furniture & 15 June 2018 & $22,200 & $7,400 & 40% \\ Laptop computers & 1 March 2019 & $11,720 & $488 & 50% \\ Office sundries & 10 April 2017 & $6,000 & $5,346 & 67% \\ \hline \end{tabular}