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Prepare the tax effect journal entries

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Reference no: EM132970347

Problem 1: Prepare the tax effect Journal Entries for the following independent situations and explain why each gives rise to a Deferred Tax Asset or a Deferred Tax Liability at June 2016.

Tax Rate is 30%.
Plant and Machinery was acquired for $200,000 on 1 July 2015. Accounting depreciation is 25% p.a. and tax depreciation is 30% p.a.

Reference no: EM132970347

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