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Prepare deferred tax worksheet and journal entries to adjust

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Reference no: EM132933279

Extracts from the Statement of Financial Position for Unicorn Ltd at 30 June 20X1 showed the following assets and liabilities.

20X1

Assets

Accounts receivable 510,000

Allowance for doubtful debts (25,000)

Prepaid insurance 31,000

Plant 650,000

Accumulated depreciation (250,000)

Liabilities

Provision for long service leave 210,000

Additional information

  1. Accumulated depreciation for tax purposes at 30 June 20X1 was $170,000.
  2. Debts are deductible for tax purposes when they are written off.
  3. Insurance is deductible for tax purposes when it is paid.
  4. Long service leave is deductible for tax purposes when it is paid.
  5. The tax rate is 30%.

Problem 1: Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts.

Reference no: EM132933279

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