Hi I'm having trouble with my assignment, not sure how this works, but I need help with a couple of bits is anyone available?

Corporate Reporting (ACC2CRE) Case Study (5 Marks) Accounting for Income Tax Group Assignment Group Members (Max 4) Due date: Friday (5.00pm), 15 April, 2016 1. The assignment is a compulsory group assignment and is worth 5% of the total marks of the subject. 2. The group should be comprised of four (4) students. It is the responsibility of students to form the groups. Only one copy of the group assignment must be submitted on behalf of the group by one of the group members. Students must make sure that the completed Assignment Declaration form is attached including students' details (students' names and IDs) with the assignment. 3. You must keep a copy of your assignment (in hard copy form) until you receive the marked original back. If your assignment is lost and you fail to provide us with a copy of the assignment when requested, we will assume the assignment was not written and the penalties for late assignment will be applied. 4. The assignment must be presented in a professional manner (word processed). 5. Submissions must be properly referenced (refer to the University Style Guide). 6. Plagiarism is a serious matter; all students involved will be referred to the University's appropriate authority. 7. Late submission will incur a penalty of one mark per day including the weekend. Late submission must be lodged with Course Coordinator only. 1 8. Application for extensions must be lodged with the Course Coordinator before due date in writing for granting an extension (medical problems etc.). 9. Assignment must be submitted through the LMS. Note 1: Word limit forthe Questionis 500. 2 The accounting profit before tax for the year ended 30 June 2016 for Alex Ltd amounted to $18 500 and included: Depreciation motor vehicle (25%) Depreciation equipment (20%) Rent revenue Royalty revenue (non-taxable) Doubtful debts expense Entertainment expense (nondeductible) Proceeds on sale of equipment Carrying amount of equipment sold Annual leave expense $ 4 500 20 000 16 000 5 000 2 300 1 500 19 000 18 000 5 000 The draft statement of financial position at 30 June 2016 contained the following assets and liabilities. Assets Cash Receivables Allowance for doubtful debts Inventories Rent receivable Motor vehicle Accumulated depreciation motor vehicle Equipment Accumulated depreciation equipment Deferred tax asset Liabilities Accounts payable Provision for annual leave Current tax liability Deferred tax liability 2016 2015 $ 11500 12 000 (3 000) 19 000 2 800 18 000 (15 750) 100 000 (60 000) ? $ 9 500 14 000 (2 500) 21 500 2 400 18 000 (11 250) 130 000 (52 000) 6 450 136 100 15 655 4 500 ? ? 21 500 6 000 7 600 2 745 37 845 Additional information (a) The company can claim a deduction of $15 000 (15%) for depreciation on equipment, but the motor vehicle is fully depreciated for tax purposes. (b) The equipment sold during the year had been purchased for $30 000 2 years before the date of sale. (c) The company tax rate is 30%. Required 3 1. Prepare the current tax worksheet and the journal entry to recognise the current tax as at 30 June 2016. 2. Prepare the deferred tax worksheet and any necessary journal entries to adjust deferred tax accounts. 4 7/1/2015 Balance b/d 6/30/2016 Rent Rev. Rent Receivable $2,400.00 6/30/2016 Rent Rec. $16,000.00 6/30/2016 Balance c/d $18,400.00 7/1/2015 Debts written of 6/30/2016 Balance c/d Allowance for doubtful debts $1,800.00 6/30/2016 Balance b/d $3,000.00 6/30/2016 Expense $4,800.00 7/1/2015 Leave paid 6/30/2016 Balance c/d Provision for annual leave $6,500.00 6/30/2016 Balance b/d $4,500.00 6/30/2016 Expense $11,000.00 $15,600.00 $2,800.00 $18,400.00 $2,500.00 $2,300.00 $4,800.00 $6,000.00 $5,000.00 $11,000.00 Alex Ltd Current tax worksheet for the year ended 30 June 2016 Accounting profit Add: Rent received Doubtful debts expense Entertainment expense (non-deductable) Annual leave expense Depreciation - motor vehicle Depreciation - equipment $18,500.00 $15,600.00 $2,300.00 $1,500.00 $5,000.00 $4,500.00 $20,000.00 Deduct: Rent revenue Royalty revenue (non-taxable) Bad debts written of Annual leave paid Depreciation - equipment - tax $16,000.00 $5,000.00 $1,800.00 $6,500.00 $15,000.00 $48,900.00 $67,400.00 -$44,300.00 Taxable income Less:Recoupment of Net taxable income Current tax liability @ 30% $23,100.00 $23,100.00 $6,930.00 Dr Income tax expense (current) Current tax liability Deferred tax asset (tax losses) Cr $1,530.00 $1,530.00 Carrying amount ($) Deductible amount ($) Tax base ($) Assets Cash Receivables (net) Inventories Rent receivable Motor vehicle Equipment $11,500.00 $9,000.00 $19,000.00 $2,800.00 $2,250.00 $40,000.00 $0.00 $0.00 $19,000.00 $0.00 $11,500.00 $12,000.00 $19,000.00 $55,000.00 $55,000.00 Liabilities Accounts payable Provision for annual leave $15,655.00 $4,500.00 $0.00 $4,500.00 $15,655.00 $0.00 Total temporary diferences Deferred tax liability Deferred tax asset Beginning balances Movement during year: Recouped tax loss Adjustment Dr Deferred tax asset Deferred tax liability Income tax expense/revenue (deferred) Cr Taxable temporary diferences ($) $0.00 $0.00 $2,800.00 Deductible temporary diferences ($) $0.00 $3,000.00 $0.00 $15,000.00 $0.00 $0.00 $0.00 $4,500.00 $2,800.00 $840.00 $22,500.00 $2,745.00 $6,750.00 $6,450.00