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The following information was extracted from the records of Grand Ltd as at 30 June 2021.
Carrying amount Tax base
Asset (liability)
Accounts receivable $150 000 $175 000
Motor vehicles 165 000 125 000
Provision for warranty (12 000) 0
The depreciation rates for accounting and taxation are 15% p.a. and 25% p.a. respectively. Warranty costs are deductible when paid. An allowance for doubtful debts of $25 000 has been raised against accounts receivable for accounting purposes, but such debts are deductible only when written off as non-collectible.
Required
Problem 1: Prepare deferred tax worksheet and calculate the temporary differences for Grand Ltd as at 30 June 2021. Justify your classification of each difference as either a deductible temporary difference or a taxable temporary difference.
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