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Question 2 What is the main principle of tax-effect accounting as outlined in AASB 112/IAS 12? Answer: XX Question 3 How are the current and future tax consequences of transactions accounted for? Answer: XX Question 4 What is an 'exempt income' and how does it affect the calculation or recovery of carryforward tax losses? Answer: XX SodWel itd commences egerations on 1 Jly 2002 . One ytar later, on 30 lune 2021, the entity prepares its firt statement of comprehehive income and its fint statement of financial position. The statements are prepared before corsidering tusution. The following information is aveilable. Adsh - The comoany tax rate is assumed to be 300 . - Al salaries have been pald as at vear end and are deductible for tar purperes. - None of the lone senvice leove expense has advulicboct poid it is not oeductible for tarpurpeser untilit is actually paid - Rent was paid in advanoe on 1 July 2020 . Actual amourts peld are allowed as a tax deduction. - Amounts received from ales, including these on crece berns, are taxed at the time the sale is made. No bad debes were aritten oft - The revenue received in advance is included in the cacable ineome. - The machinery is depreciated on a straighe line basis over 5 reas for acrounting purposes, but over 4 years for tuevion perposes. The machiney is not epected to here anviresidual value. Required Prepare the current tar worishest and the joumal entry to recegnise ourrent tax ak 30 lune 2021. - The revenue received in advance is included in the taxable income. - The machinery is depreciated on a straight-line basis over 5 years for accounting purposes, but over 4 years for taxation purposes. The machinery is not expected to have any residual value. Required Prepare the current tax worksheet and the journal entry to recognise current tax at 30 June 2021. Answer Template for CTL: The entry to recognise current tax is