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Question - HeeHoo Ltd acquired machinery at a purchase price of $36.9 million on April 1, 2019. Beyond the purchase price, the entity incurred shipping charges, customs duties, and installation fees of $3.8 million, $6.1 million, and $0.6 million respectively. The entity also incurred $0.8 million to have the machinery delivered from the seaport to the factory, although 20% of the delivery fee was attributable to items unrelated to the machinery that were being transported at the same time. Depreciation on the machinery is to be spread equally over an eight-year period, while capital allowances are to be granted at a rate of 15% on the reducing balance. There are no other assets which give rise to taxable temporary differences . The entity reported taxable profits of $69 million and $82 million for the years to April 2020 and April 2021 respectively . The rate of income tax applicable to the entity is currently 35%.
Required -
1. Calculate the applicable depreciation and capital allowances for both years.
2. Determine the deferred tax balances at the end of both years.
3. Determine the total tax expense for both years.
Collected with .006 transaction tax on the amount of sale euivalent to P12,240. How much was the selling price per share of the investment sold?
Door Company at december 31 has cash $48,000, noncash assets $240,000, Prepare a cash distribution schedule
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poplar corp. comparative balance sheets included inventory of 90200 at december 31 2011 and 70600 at december 31 2012.
sheldon corp. reports regular taxable income of 150000 in the current year. its regular tax is 41750. sheldon takes
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