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The following information was extracted from the records of Rivers Ltd as at 30 June 2021.
Carrying amount Tax base
Asset (liability)
Accounts receivable $350 000 $375 000
Motor vehicles 265 000 205 000
Provision for warranty (32 000) 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 uncollectable.
Required
Problem 1: Prepare a deferred tax worksheet and calculate the temporary differences for Rivers Ltd as at 30 June 2021. Justify your classification of each difference as either a deductible temporary difference or a taxable temporary difference. (6 marks)
Problem 2: Prepare the journal entry to record deferred tax for the year ended 30 June 2021 assuming no deferred items had been raised in prior years.
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