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Question - The accounting profit before tax of John Ltd (John) for the year ended 30 June 2019 was $200 000 after charging all expenses and recognising all items of revenue. The carrying amounts in the books of John of those assets and liabilities relevant to income taxes were as follows:
2019 2018
Equipment --- 200 000
Accumulated depreciation --- (30 000)
Carrying amount --- 170 000
Goodwill (less allowance for impairment) 190 000 160 000
Unearned insurance premiums 54 000 62 000
In preparing the tax return of the company, the accountant included the following item.
Depreciation on equipment $50 000
Reductions in goodwill are not deductible for tax purposes. The company's effective tax rate was 30 per cent. Assume that the recognition criteria was satisfied.
Required - Prepare journal entry(ies) to recognise the tax consequence of these transactions in accordance with AASB 112. Show workings and calculations.
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