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Iilifeless Mvidgdailies Did. Received raviIS, VU Of Subscriptions Ili duvalice for 2013. Subscription revenue will be recognized in the financial statement equally in 2014 and 2015. However, from the perspective of tax, the whole amount of RM 15,000 will be recognized immediately upon its receipt in 2013. Timeless Magazine Bhd. reported pre-tax accounting income of RM80,000, RM 15,000 and RM 105,000 for 2013, 2014 and 2015, respectively. The income tax rate is 20%.
Required:
Question a) Calculate the amount to be recognized in the Statement of Profit and Loss and Other Comprehensive Income for the year ended 31 December 2013, 2014 and 2015.
Question b) Calculate the amount to be recognized in the Statement of Financial Position as at 31 December 2013, 2014 and 2015.
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