Question! Basin Ltd's statement of profit or loss for the year ended 30 June 2021 and...

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Question! Basin Ltd's statement of profit or loss for the year ended 30 June 2021 and extracts from its statements of financial position as at 30 June 2021 and 30 June 2020 are shown below. The statements for the current year are yet to be finalised by accounting for income tax. Basin Ltd Statement of Profit or Loss for the year ending 30 June 2021 $900 000 Income Service revenue Rent revenue Insurance claim for loss of profits Less: Expenses Employee expenses Insurance expense Accounting fees 50 000 41 200 991 200 660 000 Bad and doubtful debts Cleaning and maintenance Depreciation of equipment Entertainment expenses Interest on borrowings Legal fees Motor vehicle expenses Other Restructuring costs Profit before tax 50 000 5500 19 500 3 250 5 500 4 000 75 000 3 800 6 000 3 750 23 000 859 300 $ 131 900 Basin Ltd Statement of Financial Position (Extract) as at 30 June Assets Cash at bank Trade debtors Allowance for doubtful debts Prepaid insurance Land - at fair value Equipment - at cost Accumulated depreciation Other debtors Deferred tax asset Liabilities Trade creditors Borrowings Unearned rent revenue Provision for employee benefits Provision for restructuring Other creditors Current tax liability Deferred tax liability Additional information 2021 2020 $ 900 100 $ 800 100 240 550 (38 000) 10 950 450 000 58 000 (24 500) 142 400 200 000 (20 000) 5000 300 000 58 000 (19 000) ? 18 000 239 000 245 000 543 800 438 500 50 000 49 500 40 000 23 000 10 000 13 300 32 700 (a) The original cost of the land is $200 000. (b) The tax written down value of equipment at 30 June 2021 is $28 000 (2020: $35 000). During the 2021 year, there were no additions or disposals of equipment. (c) Legal fees of $3800 are capital in nature and non-deductible for tax purposes. (d)Other creditors at 30 June 2021 include an accrual for accounting fees of $4500 for work not yet performed (2020: $Nil). For tax purposes, the accounting fees are deductible only if work has been performed. (e) For tax purposes, restructuring costs are deductible only when paid. (f) Other debtors at 30 June 2021 include $41 200 relating to an insurance claim that is in- process. Insurance income is only assessable for tax purposes after the insurance proceeds have been received. (g) The corporate tax rate is 30%. Required: i. Prepare the current tax worksheet for the year ending 30 June 2021 and the current tax entries for the year. ii. Prepare the deferred tax worksheet at 30 June 2021 and the deferred tax entries for the year. Question! Basin Ltd's statement of profit or loss for the year ended 30 June 2021 and extracts from its statements of financial position as at 30 June 2021 and 30 June 2020 are shown below. The statements for the current year are yet to be finalised by accounting for income tax. Basin Ltd Statement of Profit or Loss for the year ending 30 June 2021 $900 000 Income Service revenue Rent revenue Insurance claim for loss of profits Less: Expenses Employee expenses Insurance expense Accounting fees 50 000 41 200 991 200 660 000 Bad and doubtful debts Cleaning and maintenance Depreciation of equipment Entertainment expenses Interest on borrowings Legal fees Motor vehicle expenses Other Restructuring costs Profit before tax 50 000 5500 19 500 3 250 5 500 4 000 75 000 3 800 6 000 3 750 23 000 859 300 $ 131 900 Basin Ltd Statement of Financial Position (Extract) as at 30 June Assets Cash at bank Trade debtors Allowance for doubtful debts Prepaid insurance Land - at fair value Equipment - at cost Accumulated depreciation Other debtors Deferred tax asset Liabilities Trade creditors Borrowings Unearned rent revenue Provision for employee benefits Provision for restructuring Other creditors Current tax liability Deferred tax liability Additional information 2021 2020 $ 900 100 $ 800 100 240 550 (38 000) 10 950 450 000 58 000 (24 500) 142 400 200 000 (20 000) 5000 300 000 58 000 (19 000) ? 18 000 239 000 245 000 543 800 438 500 50 000 49 500 40 000 23 000 10 000 13 300 32 700 (a) The original cost of the land is $200 000. (b) The tax written down value of equipment at 30 June 2021 is $28 000 (2020: $35 000). During the 2021 year, there were no additions or disposals of equipment. (c) Legal fees of $3800 are capital in nature and non-deductible for tax purposes. (d)Other creditors at 30 June 2021 include an accrual for accounting fees of $4500 for work not yet performed (2020: $Nil). For tax purposes, the accounting fees are deductible only if work has been performed. (e) For tax purposes, restructuring costs are deductible only when paid. (f) Other debtors at 30 June 2021 include $41 200 relating to an insurance claim that is in- process. Insurance income is only assessable for tax purposes after the insurance proceeds have been received. (g) The corporate tax rate is 30%. Required: i. Prepare the current tax worksheet for the year ending 30 June 2021 and the current tax entries for the year. ii. Prepare the deferred tax worksheet at 30 June 2021 and the deferred tax entries for the year.