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Calculate the current tax liability for the year ended

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Reference no: EM132987724

Question - Mandiri Ltd made an accounting profit before tax of $80,000 for the year ended 30 June 2024. Included in the accounting profit were the following items of revenue and expenses:

Donations to political parties (non-deductible) $7000

Depreciation expense - machinery (20% p.a. straight line) 18,000

Annual leave expense 6,400

Rent revenue 12,000

For tax purposes the following applied:

Depreciation rate - machinery 25%

Annual leave paid 7,800

Rent received 10,000

Income tax rate 30%

Required -

1. Calculate the current tax liability for the year ended 30 June 2024, and prepare the adjusting journal entry.

2. Explain your treatment of rent items in your answers to requirement 1.

Reference no: EM132987724

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