Question: Please HELP ASAP Requircments: Question 1 The following daca are taken from the trial balance of Suva Limited on 30 Jane 2022 with selected comparative

Please HELP ASAP Please HELP ASAP Requircments: Question 1 The following daca are taken from
the trial balance of Suva Limited on 30 Jane 2022 with selected

Requircments: Question 1 The following daca are taken from the trial balance of Suva Limited on 30 Jane 2022 with selected comparative information provided for 30 June 2021. Additional Information 1. All depreciable assets were acquired on 1 July 2019. For financial reponting purposes, depreciation is recognised on a straigh-line basis, over 20 years for buildings (etimated residual value $250,0000, eight years for plant and 10 years for equipment. For tax purposes, straight line deptociation is applied over 40,10 and eight years, repectively. 2. Afler resiewing all relevant information, the directors determinod than, at 30 Jase 2022 , the plant was impaired by $250,000 (this is not reflectod in the amoosts prosentod in the trial balance). 3. On 30 June 2022, after careful consideration, the dircetoes of Sura Lad decided to adopt the fair value model for land; the fair value of land en 1 July 2021 was 53,400,000 and on 30 June 2022 was $3,250,000. 4. The rescarch and development expenditure qualifies for the additional 25% taxation deduction. 5. The tax rate at 30 June 2021 was 30%. On 15 Jane 2022 , Iegislation was enacted decreasing. the tax rate to 25% effective 1 July 2022 . Required: 1. Calculate the amount of current tax expense. Use an appropriately labelled table for this task. 2. Prepare a deferred tax worksheet to calculate the amounts for deferred tax assets and deferred tax liabilities for the reporting period 30 June 2022 . Use an appropriately labelled table for this task. 3. Prepare journal entries for the income tax expense related items for the reporting period 30 June 2022

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