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Provide journal entry to adjust the carry forward balance

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Reference no: EM132602333

Tweed Heads Ltd had the following account balances as at 30 June 2019 (beginning balance of following financial year): Deferred tax asset $12,580; Deferred tax liability $20,400; Allowance for doubtful debts $11,000; Provision for long service leave $26,000. The tax rate at that date was 35%.

The following information is for the year ended 30 June 2020:

  • On 1 March 2020 the company income tax rate decreased to 30% for the 2019-2020 year onwards.
  • Accumulated depreciation on plant for tax purposes on 30 June 2020 was $275,000. Accumulated depreciation on plant for accounting purposes on 30 June 2020 was $191,000. Plant at cost was 610,000.
  • Taxable profit for the 2019-2020 year has been calculated to be $800,000.
  • Allowance for doubtful debts at year ended 30 June 2020 is 15,000

Question 1: Provide journal entry to adjust the carry forward balance of deferred tax account for the the change of tax rate (rounded to the nearest dollar)

Question 2: complete the deferred tax worksheet as at june 30,2020

Reference no: EM132602333

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