The information below relates to Entity A for the year ended 30 June 2023. Accounting profit...

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The information below relates to Entity A for the year ended 30 June 2023. Accounting profit before income tax Depreciation of plant Depreciation of furniture $250,000 $20,000 $1,000 Entertainment expenses (not deductible for tax) $11,000 Amount expensed for long-service leave (not a tax deduction until it is paid) $2,000 Entity A owns two depreciable assets, an item of plant costs $200,000 on which 2-year depreciation has been charged, and some furniture purchases for $10,000 on which 3-year depreciation has been charged. The tax authority allows a depreciation allowance of 20% straight-line at cost. Entity A applies a straight-line rate of 10% at cost in its accounting records. No employee goes on long-service leave in the current year. Tax Rate = 30% REQUIRED: Measure the amounts of Taxable Profit and Current Tax Liability as at 30 June 2023. ANSWER: Taxable Profit: $ Current Tax Liability: $ The information below relates to Entity A for the year ended 30 June 2023. Accounting profit before income tax Depreciation of plant Depreciation of furniture $250,000 $20,000 $1,000 Entertainment expenses (not deductible for tax) $11,000 Amount expensed for long-service leave (not a tax deduction until it is paid) $2,000 Entity A owns two depreciable assets, an item of plant costs $200,000 on which 2-year depreciation has been charged, and some furniture purchases for $10,000 on which 3-year depreciation has been charged. The tax authority allows a depreciation allowance of 20% straight-line at cost. Entity A applies a straight-line rate of 10% at cost in its accounting records. No employee goes on long-service leave in the current year. Tax Rate = 30% REQUIRED: Measure the amounts of Taxable Profit and Current Tax Liability as at 30 June 2023. ANSWER: Taxable Profit: $ Current Tax Liability: $

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