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Problem - Polo Ltd has prepared financial statements and notes to the financial statements for the year ended 30 June 2021.
Income tax expense reported in the Statement of Profit or Loss and Other Comprehensive Income for the period 30 June 2021 is $182,000.
The following balances are reported in the Statement of Financial Position:
2021
2020
Deferred Tax Asset
78,000
70,000
Deferred Tax Liability
30,000
34,000
Note to income tax expense
Current Income Tax Expense $194,000
Deferred Income Tax Expense (12,000)
Required - Using the above information, prepare the end of year adjusting entries that Polo Ltd must have recorded in order to present the income tax expense of $182,000 in the Statement of Profit or Loss and Other Comprehensive Income for the period 30 June 2021.
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