Koona Ltd recorded an accounting profit before tax of $200 000 for the year ended 30 June
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Koona Ltd recorded an accounting profit before tax of $200 000 for the year ended 30 June 2024. Included in the accounting profit were the following items of revenue and expense.
Required
1. Use a current tax worksheet to calculate the current tax liability for Koona Ltd for the year ended 30 June 2024. Prepare the journal entry to record current tax.
2. Explain the future tax effect of the adjustment made in requirement 1 for rent revenue/received.
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Related Book For
Financial Reporting
ISBN: 9780730396413
4th Edition
Authors: Janice Loftus, Ken Leo, Sorin Daniliuc, Belinda Luke, Hong Nee Ang, Mike Bradbury, Dean Hanlon, Noel Boys, Karyn Byrnes
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