Impairment loss goodwill is not tax deductible and represents a permanent difference Profit of the sale...

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Impairment loss goodwill is not tax deductible and represents a permanent difference Profit of the sale of shares is not included as assessable income and is a permanent difference. The shares were bought in 1980 (Pre CGT) Long service leave expense creates a temporary difference only allowable as a tax deduction in the year it is paid. Amounts paid of $16,000 was paid in 2022 for LSL Depreciation of machinery creates a temporary difference. Machinery cost $150,000 in July 2021 (with 3 years useful life). Taxation depreciation is $75,000 in 2022 Buildings worth $300,000 are depreciated at 5% for accounting purposes and 2.5% for tax. Company tax rate is 30% (a) Reconcile accounting profit before tax to taxable income for the year ended 2022 (b) Prepare general journal entries recording current tax payable under the tax payable method for 2022 only. Assume the rate of company tax is 30%. Valkerye Ltd 2022 Operating Profit before tax Included in operating profit Impairment loss goodwill 540,000 Depreciation buildings 20,000 Profit on sale of shares 15,000 Long service leave expense 45,000 24,000 Depreciation machinery 50,000 Additional information Impai Impairment loss goodwill is not tax deductible and represents a permanent difference Profit of the sale of shares is not included as assessable income and is a permanent difference. The shares were bought in 1980 (Pre CGT) Long service leave expense creates a temporary difference only allowable as a tax deduction in the year it is paid. Amounts paid of $16,000 was paid in 2022 for LSL Depreciation of machinery creates a temporary difference. Machinery cost $150,000 in July 2021 (with 3 years useful life). Taxation depreciation is $75,000 in 2022 Buildings worth $300,000 are depreciated at 5% for accounting purposes and 2.5% for tax. Company tax rate is 30% (a) Reconcile accounting profit before tax to taxable income for the year ended 2022 (b) Prepare general journal entries recording current tax payable under the tax payable method for 2022 only. Assume the rate of company tax is 30%. Valkerye Ltd 2022 Operating Profit before tax Included in operating profit Impairment loss goodwill 540,000 Depreciation buildings 20,000 Profit on sale of shares 15,000 Long service leave expense 45,000 24,000 Depreciation machinery 50,000 Additional information Impai