The following information relates to an entity: 1.At1st January2018,the carrying amount of non-current assets exceeded their tax
Question:
The following information relates to an entity:
1. At 1st January 2018, the carrying amount of non-current assets exceeded their tax written down value by 900,000.
2. For the year to 31st December 2018 the entity claimed depreciation for tax purposes of 600,000 and charged depreciation of 550,000 in the financial statements.
3. During the year ended 31st December 2018 the entity revalued a property.
The revaluation surplus was 200,000. There are no current plans to sell the property.
4. The tax rate was 30% throughout the year.
What is the provision for deferred tax required by IAS 12 Income Taxes at 31st December 2018?
A.325,000
B.340,000
C.345,000
D.330,000
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng