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Jody Ltd has prepared financial statements and notes to the financial statements for the year ended 30 June 2021. In the notes to financial statements, note 3 discloses the following in relation to total income tax expense for the year
Income tax expense
Current Income Tax Expense $245 000
Deferred Income Tax Expense (7 000)
Required:
Problem 1. Prepare the end of year adjusting entry that Jody Ltd must have recorded for the current income tax expense.
Problem 2. Identify the total for income tax expense that would be reported in the Statement of Profit or Loss and Other Comprehensive Income for the period 30 June 2021.
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