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SECTION B Answer TWO questions. Use a SEPARATE answer book for each question. 3. Taxation a) On 1 January 2017, Doggle had an opening debit balance of 12,000 on its tax account, which represented the amount underprovided in respect of its previous year's liability. Doggle had a credit balance on its deferred tax account of 1,358,000 at the same date. Doggle has calculated that it should expect to pay tax of 940,000 on its trading profits for the year ended 31 December 2017 and increase its deferred tax account balance by 37,000. Required: Prepare extracts from the income statement for the year ended 31 December 2017, statement of financial position at that date and notes to the accounts showing the tax entries required. (5 marks) b) On 1 January 2017 Berlin Limited revalued a building for the first time. It was originally purchased 6 years ago for 374,400 and was revalued on 1 January 2017 to 460,800. The difference between the carrying value of the assets in the SOFP and the tax base at 31 December 2017 was 155,520. On 1 January 2017 the deferred tax liability was 7,979 and the tax rate is 20% Required: Explain the treatment for the deferred tax under IAS 12 and show the Journal entries to record any change in provision for deferred tax as a result of the revaluation (10 marks) c) Write an overview of the rationale for accounting for deferred tax in a set of financial statements. Although you do not need to give detailed calculations you should detail the arguments for and against providing for deferred tax, the alternative methods that could be used when accounting for deferred tax and conclude with the preferred methods used by IAS 12. (10 marks) (Total 25 marks)