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Prepare the end-of-period adjustment journal entries

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                                                     2017                      2016

Equipment                                          80,000                80,000

Accum. dep - equipment                       (32,000)                 (28,000)

  • Equipment is cost basis , with The accumulated depreciation on Equipment for tax purposes was $47,000 at 30 June 2017 (2016: $35,000). The annual depreciation expense of Equipment for accounting purposes was $4,000.

Question 1: Prepare the end-of-period adjustment journal entries for the movements of the deferred tax assets and deferred tax liabilities for the year ended at 30 June 2017.

Reference no: EM132526004

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