Solution-Write the balance of the deferred tax liability

Write the balance of the deferred tax liability account

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Reference no: EM133164738

Question - On 1 July 20X1 Coogee Ltd acquired equipment for $700,000. On 1 January 20X4, the company acquired equip for $500,000. All equipment is depreciated on a straight-line bases over 8 years for accounting purposes and over 6 years for taxation purposes. The equipment is not expected to have any residual value.

At 30 June 20X3 the balance of the Deferred Tax Asset account was $31,000 and the balance of the Deferred Tax Liability Account was $40,000.

The company tax rate is 30%.

Required - In the box below write the balance of the Deferred Tax Liability account that would appear in the Statement of Financial Performance for Coogee Ltd at 30 June 20X4 calculated in accordance with the requirements of AASB 112: Income Taxes.

Reference no: EM133164738

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Write the balance of the deferred tax liability account

Reference no: EM133164738

Reference no: EM133164738

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