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Solve the current tax liability for the year ended june

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Reference no: EM132721272

Bellago Ltd made an accounting profit before tax of $75,000 for the year ended 30 June 2020.The following items were included in the accounts:

Donations to political parties , non deductible 4,000
Depreciation machinery ,20% 15,000
Annual leave expense 5,800
Rent revenue 8,000
Goodwill amortised , non deductible 12,000

For tax purposes the following applied :

Depreciation rate for machinery 15%
Annual leave paid 4,500
Rent received 12,000
Income tax rate 30%

Required

Problem 1: Use a current tax worksheet to calculate the current tax liability for the year ended 30 June 2020. Prepare the adjusting journal entry.

Reference no: EM132721272

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