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Used attached photo for details of questions a ) Calculate the taxable income / tax loss and the current tax liability ( if any )
Used attached photo for details of questions
a Calculate the taxable incometax loss and the current tax liability if any for the financial year ended th June Prepare a journal entry to recognise the current tax liabilitytax loss and show workings.
b Calculate deferred tax asset and deferred tax liability balances as at th June Prepare the deferred tax journal entries for the year ended th June Show workings
c Assume that by December there was a change in tax rate to:
With reference to AASB Income Taxes, discuss the accounting treatment of the deferred tax asset and deferred tax liability balances as at December following a lower tax threshold for the financial year Prepare the journal entries to record the effect of change in tax rate. Show workings
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