Using WORKSHEET that is provided, indicate for each of the statements whether it is True (T) or False (F) according to NZ IAS 12. If the statement is false, rewrite the statement to make it true. If the statement is true, you do not need to explain. T/F Worksheet Item (a) Information: A company recognised a provision for warranty on balance date. For tax purposes, the warranty expense is deductible when paid. Statement: Therefore, the tax base of the provision for warranty is different from the carrying amount. Rewrite Statement: (b) ) Information: The opening balance of the rent revenue received in advance was $50,000. During the year, the company has received $100,000 cash from the tenant. In the Income Statement, an amount of $120,000 was recognised as rent revenue this year. For tax purposes, the Inland Revenue taxes all rent received on a cash basis. Statement: Therefore, at the end of the financial year, the liability rent revenue received in advance' has an accounting carrying amount of $20,000, and a tax base of $0. Rewrite Statement: (c) Information: On the Balance Sheet, there is an investment of $300,000 in Government bonds, which pays interest at 5% per annum. For tax purposes, the interest income from these Government bonds is never taxable. Statement: Therefore, the tax base of the government bonds is $0. Rewrite Statement