ill automatically save as you proceed through the test. ART B: Prepare income tax adjustment for the following items (5 MARKS) Question 8 1.ABC Limited accrued $10,000 for interest revenue in the year ended 30 June 2022. This item will not be taxable until it is received. If the company tax rate is 30%. What is the tax effect adjustment entry on 30 June 2022? (2 MARKS) 2.At 30 June 2021, ABC Ltd recognised a deferred tax asset of $12 000 and a deferred tax liability of $6 000. This has resulted by applying a tax rate of 30%. The Australian govern-ment has determined to change the tax rate. It announced that it will decrease the tax rate as of 1 July 2021 to 25%. Prepare tax effect adjustment entry on 30 June 2022. (3 MARKS) H - = B I A X. X 2- > 66 1) The tax period ending 30 June 2022 is understated by $3,000 since the interest was accured. In this case the $10,000 interest earned should be part of the accounting profit but not of taxable income. 2 )