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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.
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