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Rose Ltd recorded an accounting profit before tax of $100 000 for the year ended 30 June 2020. Included in the accounting profit were the following items of revenue and expense.
Entertainment expenses (non-deductible) $ 2 000
Depreciation - vehicles (10%) 17 000
Rent revenue 2 500
For tax purposes the following applied:
Depreciation rate - vehicles 15%
Rent received $3 000
Income tax rate 30%
Required
Problem a) Use a current tax worksheet to calculate the current tax liability for the year ended 30 June 2020. Prepare the adjusting journal entry.
Problem b) Explain the future tax effect of the adjustment made in requirement (a) for rent received/revenue.
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