Week 11 Self Studv Ouestionsv Exercise 12.3 Calculation of current taxe Ltd made an accounting profit before tax of S40 000 for the year ended 30 June 2021. Included in the accounting profit were the following items of revenue and expense. Donations to political parties (non-deductible) Depreciation expense machinery (20% p.a., straight-line) Annual leave expense Rent revenue For tax purposes the following applied. Depreciation rate machinery Annual leave paid Rent received Income tax rate Require de s 5000 15000 5600 12000 25% $ 6500 $10000 1. Calculate the current tax liability for the year ended 30 June 2021, and prepare the adjusting journal entry.